1996 (4) TMI 49

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....mmissioner of Income-tax, Bhopal) has filed this application under section 256(2) of the Income-tax Act, 1961 (for short the " Act "), seeking a direction to the Tribunal to state the case and refer the proposed question, as extracted below, on rejection of the application registered as R. A. No. 273/Ind. of 1992 for the assessment year 1979-80, arising out of the order dated July 17, 1992, passed....

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.... section 80J of the Act for the earlier assessment years 1974-75 to 1978-79 aggregating to Rs. 1,01,76,469. The first appellate authority on an appreciation of facts found that various adjustments made by the assessee against its income for the instant assessment year were bona fide and the claim for set off of the business losses of the earlier years and the deductions claimed under section 80J w....

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....cial decisions available as on the date of the filing of the estimate relating to the Appellate Assistant Commissioner's order for the assessment year 1974-75, I hold that the provisions of section 273(2)(aa) are not attracted in this case and the penalty deserves to be deleted. Accordingly, I delete the penalty of Rs. 18,00,000 imposed by the Inspecting Assistant Commissioner (Appeals) under sect....