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The Pr. Commissioner of Income Tax, Gurgaon Versus M/s Atotech India Ltd.

2016 (12) TMI 496 - PUNJAB & HARYANA HIGH COURT

Penalty u/s 271(1)(c) - rejection of the patently wrong claim of the assessee of setting off of brought forward business loss in its return of income - ITAT deleted penalty levy - Held that:- Tribunal noted that the respondent had claimed the set off .....

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tine in the manner in which the opinion was sought. In any event, even our attention was not invited to anything which suggests any malafides either in the obtaining of the opinion or otherwise. Further, the loss was allowed to be carried forward in .....

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the Act. This is a perception on the basis of the facts of the case and warrants no interference. - As there is no financial implication on account of the change in the basis of the claim, no substantial question of law arises in this case. - Dec .....

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azifdar, C. J. (Oral) This is an appeal against the order of the Tribunal allowing the respondent/assessee s appeal against the order of the CIT (Appeals) in respect of the assessment year 2004-2005. 2. According to the appellant, the following subst .....

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facts and in the circumstances of the case and in law, the Hon ble Tribunal was justified in holding that rejection of the patently wrong claim of the assessee of setting off of brought forward business loss in its return of income would not amount t .....

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s return of income for the said assessment year. 4. The assessee was earlier known as Max Atotech Limited. It appears initially to have been a private limited company and was thereafter converted into a public limited company. For the assessment year .....

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of which the assessee by a letter dated 13.12.2006 claimed the above set off against another head, namely, of unabsorbed depreciation. Admittedly, the tax effect in either case is nil. Further, it is admitted that even if the respondent was permitted .....

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The Tribunal noted that the respondent had claimed the set off of its business income of ₹ 1.85 crores against the brought forward business losses of the earlier years on the basis of a legal opinion received from a leading firm of Chartered Ac .....

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