2004 (4) TMI 28

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.... A.M. SAPRE J. - Having heard learned counsel for the appellant and having perused the record of the case, we are of the opinion that this second appeal filed by the Revenue (Income-tax Department), under section 260A of the Income-tax Act, 1961, against an order dated July 30, 2003, in I.T.A. No. 22/Ind of 1998 passed by the Income-tax Appellate Tribunal, has no merit. In other words, in our opin....

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.... first year of starting the production as claimed by the assessee. We do not find that such can be a good ground for imposition of a penalty by the taxing authorities. It has been said long back by their Lordships of the Supreme Court in Hindustan Steel Ltd. v. State of Orissa [1972] 83 ITR 26, that merely because taxing provisions provide for a power to impose penalty that does not entitle the au....