TMI Blog2018 (5) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion of law raised by the appellant, in this appeal requires to be examined in the light of the judgment in the case of Commissioner of Income Tax and another vs. Manjunath Cotton and Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT) No arguments being advanced and the present issue not being adjudicated by the Tribunal, in the light of the judgment referred to above, we find it app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal for short) for the assessment year 2006-07. 2. The appeal involves the correctness of levy of penalty under Section 271(1)(c) of the Act, on the ground that the appellant had claimed the set off unabsorbed depreciation of an earlier assessment year i.e., 2001-02, in computing the income as originally returned for the assessment year 2006-07 with a vie w to enjoy a double benefit. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 47 an d 148 of the Act and the assessment order was passed observing that there was a wrong claim and a direction was issued to issue a notice for action under Section 271(1)(c), finally resulting in the levy of impugned penalty. On appeal against the penalty order prefer red before the Commissioner of Income Tax (Appeals), it was affirmed. On further appeal before the Tribunal, the same was dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act is given by the lower authorities. 4. Having heard the learned counsel for the parties and perusing the materials on record, it is not in dispute that the substantial question of law raised by the appellant, in this appeal requires to be examined in the light of the judgment of this Court referred to above. However, no arguments being advanced and the present issue not being adjudicated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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