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2017 (7) TMI 497 - ALLAHABAD HIGH COURT

2017 (7) TMI 497 - ALLAHABAD HIGH COURT - TMI - Levy of penalty u/s 271(1)(c) - sales to parties covered under Section 40A (2)(b) - Held that:- Assessee cannot be held guilty for non-disclosure of income, which was determined by invoking discretionary jurisdiction under Section 40A (2)(b) of the Act.In this view of the matter, the Tribunal held that where deeming provisions are applied in assessing the income, the provisions of imposing penalty would not be attracted. There is no concealment of .....

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rwal ORDER The appeal is directed against the order of the Tribunal dated 20 August 2015. The only point arising in this appeal is regarding the levy of penalty under Section 271(1)(c) of the Act in respect of sales to parties covered under Section 40A (2)(b) of the Income Tax Act. It appears that in the assessment year 2006-07 certain scrap was sold by the assessee to parties not covered under Section 40A (2)(b) of the Act @ ₹ 17,340/- per metric tone whereas it was sold @ ₹ 5000/- .....

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he Tribunal held that where deeming provisions are applied in assessing the income, the provisions of imposing penalty would not be attracted. In S.V. Kalyanam Vs. Income Tax Officer (2011) 237 CTR (Mad) 491, the Division Bench of the Madras High Court has held that where additions are made in the income by applying the deeming provisions the department cannot presume that there is concealment of income so as to attract penalty proceedings. In other words, where income is assessed on the basis o .....

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