2017 (2) TMI 1197

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....is appeal is, whether in the facts and circumstances of the case, the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal were justified in holding that the penalty of Rs. 42,00,000/could not have been levied on the respondent-assessee under Section 271 (1) (c) of the Income Tax Act. For the relevant assessment year, the respondent-assessee had claimed the deduction of Rs. 1,24,84,297/under Section 10A of the Income Tax Act. Along with the return, the assessee had furnished a copy of Form No.56F for the relevant assessment year stating therein that the date of commencement of the production in the undertaking of the assessee was 01.06.1999. The Assessing Officer found that the assessee was not entitled to the benefit....

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.... 10A of the Act in the year 2010-2011 as it could be considered as the 9th year. It was found by the Commissioner that in Form 56A, the date of commencement of production was rightly shown as 01.06.1999. The order of the Assessing Officer was set aside in the appeal filed by the assessee. The appellant challenged the order of the Commissioner of Income Tax (Appeals) before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal, by the order dated 01.09.2016, dismissed the appeal filed by the appellant. On hearing the learned counsel for the appellant and on a perusal of the orders passed by the authorities, it appears that there is no scope for interference with the orders of the Commissioner of Income Tax (Appeals) and the I....