TaxTMI 
TaxTMI 
2014 (3) TMI 762
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....ppellate Tribunal is justified in upholding the levy of maximum penalty of Rs.10.50 lakhs and whether the Tribunal's findings are vitiated by non- consideration of the relevant factors"? Heard Sri Ch.Pushyam Kiran, learned counsel for the assessee and Sri S.R.Ashok, learned Senior Counsel for Income-tax Department. After perusing the orders of the Tribunal and hearing both the learned counsel, we deem it appropriate to reframe the question of law as under: 1) Whether on the facts and in the circumstances of the case, the Tribunal is justified in upholding the levy of maximum penalty under Section 271(2) of the Income Tax Act, 1961 on account of the issue relating to concealment of refundable empty bottle deposit and the Tribunal'....
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....led by the assessee seeking condonation of such delay. In the above set of facts and circumstances, the assessee has sought the above referred questions of law for opinion of this Court. The learned counsel for the assessee contends that the reasoning recorded by the Tribunal for reversing the order of the first appellate authority and coming to a different conclusion is erroneous and unsustainable. He submits that the Tribunal has erred in properly appreciating the judgment of the Supreme Court reported in Punjab Distilling Industries Ltd. vs. The Commissioner of Income Tax, Simla [1959] 35 ITR 519 (SC) and would point out that the said judgment has been distinguished in another judgment reported in United Breweries Ltd. v. State of ....
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....distinguished the judgment of the Punjab Distilling case (1st cited supra) is concerned, we may point out at once that the United Breweries case is in relation to the sales tax. Though the Supreme Court, while analyzing the facts of Punjab Distilling case had made a mention that the decision of the case is on its peculiar facts, the crucial aspect of the ratio laid down in that case is to the effect that the amount collected on account of the refundable empty bottle deposit is a trading receipt and is required to be brought into the profit and loss account. It is not the contention of the learned counsel for the assessee that the amount received on account of refundable empty bottle deposit is not a trading receipt. As a matter of fact, the....