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TMI Blog2016 (8) TMI 1389X X X X Extracts X X X X X X X X Extracts X X X X ..... STICE KS JHAVERI) 1. By way of this Appeal, the Appellant - Assessee has challenged the order dated 31.08.2007 of the Income Tax Appellate Tribunal, Ahmedabad Bench 'B' in ITA No.2511/Ahd./2004 for the Assessment Year : 1997-1998. 2. While admitting the matter on 29.07.2008, the following substantial questions of law were framed by the Court for consideration :- "A) Whether on the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s drawn the attention of this Court to the decision of this Court in the case of Vijay Proteins Ltd. v. Commissioner of Income-tax reported in [2015] 58 taxmann.com 44 (Gujarat) and relevant paragraphs are reproduced as under :- "Insofar as T.A. No.243/2002 is concerned, the question of law raised therein is already concluded by a decision of this Court rendered in T.A. No.461/2000 & allied matte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the opinion that the penalty has been wrongly imposed under Section 271(1)(c) of the Act. In the case of Krishi Tyre Retreading and Rubber Industries (supra), it has been held that as the addition had been sustained purely on estimate basis and no positive fact or finding had been had been found so as to even make the addition which was a pure guess work, no penalty under section 271(1)(c) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was entitled to immunity under clause (2) of Explanation 5 to section 271(1)(c)." Learned Counsel for the appellant has also placed reliance on the decision of this Court in the case of Vijay Proteins Ltd. v. Commissioner of Income-tax in Income Tax Reference No.139/1996 with Tax Appeal No.243/2002 wherein the question of law was answered in favour of the assessee and against the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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