TaxTMI 
TaxTMI 
2015 (10) TMI 1386
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....der dated 20.06.2008. 2. At the very outset, it was observed by the Bench that the instant appeal is delayed by a period of 63 days. However, on the basis of the condonation petition filed along with, as well as the affidavit dated 02.07.2014 by Shri Harresh Mehta, Director and Shri Atul B. Gandhi, employee, we are satisfied that this is a case of a honest and bona fide delay and, therefore, needs to be condoned to advance the cause of substantial justice. The delay was, accordingly, condoned and the hearing proceeded with, admitting the assessee's appeal. 3. The brief facts of the case are that the assessee-company is in the business as builders and developers, following the project completion method for recognizing and returning....
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....s made by her to the decision in the case of Dy. CIT vs. Gopal Krishan Builders [2004] 91 ITD 124 (Luck), wherein, the tribunal, considering the matter at length, and in all its facets, including Circular No. 387 by the Board as well as the corresponding Rules, had clarified that the receipt from customers in case of a Builder following the project completion method would stand to form part of the qualifying criteria. The argument that the same was in a nature of an advance in such a case, i.e., where the project completion method is followed, was found by the tribunal to be to no avail. The provision of section 44AB stood thus attracted in the facts and circumstances of the case and, accordingly, penalty u/s.271B stood, in view of the admi....
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.... on facts and in law. 4.2 So, however, we are nevertheless unable to agree with the Revenue that the assessee is liable to penalty u/s.271B of the Act. Our reasons for the same are as follows. The word 'gross receipt' is liable to be construed in more than one way; the matter in fact having travelled to the tribunal in the case of B.K. Jhala & Associates (supra) and Gopal Krishan Builders (supra), both at the instance of the Revenue, so that the assessee had succeeded at the first appellate stage. The matter, accordingly, cannot be considered to be without an element of contentiousness associated therewith, so that it is liable to be considered as giving rise to a debatable question, constituting a reasonable cause within the mea....
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....;. The notice of penalty and the basis for the A.O. in levying the penalty was that the assessee's work-in-process (WIP) had witnessed an increase during the year for an amount beyond the prescribed limit. Though, therefore, we do not regard the ld. CIT(A) to have, in confirming the penalty, based it on a different cause; the default being the same, it does amount to a different view being adopted on the same set of facts, confirming the view, if one was required, that the matter is liable to be considered in more ways than one. The inclusion of 'purchases', as stated by the A.O. with reference to the decision by the apex court in the case of George Oks Pvt. Ltd. under the Sales Tax Act, for the purpose of invoking s. 44AB, i....