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ORIENTAL SHOPPING COMPLEX Versus ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, DIVISION (2) , ERNAKULAM.

2017 (1) TMI 109 - KERALA HIGH COURT

Penalty u/s 271(1)(c) - amount reflected in the profit and loss account, but was not shown in the balance sheet or included in the return - whether the assessee was eligible to any lenience in the penalty proceedings on account of certificate issued under Section 230A of the Act - Held that:- Tribunal ought to have weighed the effect of the certificate issued under Section 230A as well as the material facts and particulars to determine as to whether there is any concealment or inaccuracy in the .....

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stion of law formulated as above is answered accordingly. We are, therefore, of the view that this is an eminently fit case for an order of remit to the Tribunal for re-consideration of the matter in the light of what is stated above. Matter set aside to Tribunal for reconsideration. - ITA No.156 of 2008 - Dated:- 22-11-2016 - THOTTATHIL B.RADHAKRISHNAN AND DEVAN RAMACHANDRAN, JJ. FOR THE APPELLANT : ADV. SMT.PREETHA S.NAIR FOR THE RESPONDENT : ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX DEPT. JUDG .....

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ct, 1961 have been satisfied to sustain the penalty imposed on the assessee, more particularly in view of the certificate issued under Section 230A of the said Act, as if then stood? 3.During the course of assessment proceedings, it was noticed that an amount of ₹ 4,50,000/- was found reflected in the profit and loss account, but was not shown in the balance sheet or included in the return. This was the basis for issuance of proceedings with reference to Section 271(1)(c) of the Income Tax .....

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ssment. The question whether the assessee was eligible to any lenience in the penalty proceedings on account of certificate issued under Section 230A of the Act as if then stood, was essentially a moot point. Fundamentally, the question whether there was concealment or inaccuracy in relation to particulars to bring the allegations against the assessee under the canopy of Section 271(1)(c) of the Act also had to be considered. 5.Having regard to the precedents governing the field, including Commi .....

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