2016 (9) TMI 459

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....av, Judicial Member The assessee is in appeal before us against the order of ld. CIT(A)-VI, Ahmedabad dated 17.06.2011 passed for A.Y. 2001-02. 2. Solitary grievance of the assessee is that the ld. CIT(A) has erred in confirming the penalty imposed u/s.271(1)(c) of the Income Tax Act. 3. The brief facts of the case are that the return of income was filed by the assessee on 01.02.2002 decl....

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....ed the penalty order before the ld. CIT(A). The appeal of the assessee was dismissed vide order dated 08.11.2006 because the authorized person did not sign the appeal memo. Against this order, assessee went to the Tribunal. The Tribunal has allowed the appeal vide order dated 27th August, 2010 and set aside the order of ld. CIT(A) and restored the issues back to the file of ld. CIT(A) with a direc....

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....Rs. 12,86,726/-. As far as reduction with regard to the claim made u/s.80IA is concerned, the Assessing Officer has excluded following items: Particular Amount Interest Recd. 5,02,076 Misc. Income 6,66,404 Duty Draw Back 5,80,874 Sale proceeds of DEPB License 1,33,97,037 Total 1,51,46,391 While dealing with this issue, ld. CIT(A) has deleted the penalty compu....

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....t on 31.08.2009 in the case of Liberty India Ltd. V. CIT 317 ITR 218(SC). When assessee has filed the return, this decision was not in picture. The decision of Hon'ble Gujarat High Court in the case of India Gelatine & Chemicals Ltd., reported in 275 ITR 284 (Guj) was in favour of the assessee. Therefore, at that time, it was a quite debatable issue. The ld. CIT(A) has observed that in view of the....