2005 (11) TMI 56

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.... J.-The above tax case appeals are directed against the order of the Income-tax Appellate Tribunal dated May 15, 2002, made in I.T.A. No. 307/94, CO. No. 28/94 respectively. The Revenue is the appellant. The assessment year involved in the present appeals is 1990-91. The short facts of the case are that the assessee-company, for the assessment year 1990-91, had claimed depreciation and inves....

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....ee had filed revised returns withdrawing the claim, when it was pointed out, shows their bona fides and no penalty was leviable. It is against this order, the Revenue preferred the present appeals raising the following substantial questions of law, "1. Whether, on the facts and circumstances of the case, the Tribunal had enough material to hold that the claim for depreciation and investment all....

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....re challenged before the High Court and the High Court held as under: "The Deputy Commissioner (Appeals) had come to a conclusion that the assessee had no intention to furnish inaccurate particulars and the said finding had been confirmed by the Tribunal. Therefore, it could not be presumed that the assessee had a mala fide intention to furnish inaccurate particulars. Since the assessee had rev....