TMI Blog2001 (11) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... investment allowance on newly installed machinery was made bona fide by placing reliance on the decision in the case of V. Ramakrishna and Sons Ltd. v. CIT [1984] 149 ITR 554 (Mad), wherein it has been held that the user of the machinery in test production or experimental manufacture was still user for the purpose of the assessee's business. The assessee had purchased a centrifugal casting machi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not show that there had been deliberate furnishing of inaccurate particulars by the assessee when it filed the original return. The fact that it had subsequently withdrawn the claim, also on that account alone did not establish that there was a deliberate attempt on the assessee's part to claim a benefit to which it was not entitled. On the other hand the decision of this court on which it had rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her, on the facts and in the circumstances of the case, the Appel late Tribunal is right and had valid materials in cancelling the penalty imposed under section 271(1)(c) for the assessment year 1981-82? 2. Whether the Tribunal's view that the facts of the case do not establish that there was any furnishing of inaccurate particulars by the assessee so as to justify the imposition of penalty unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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