2018 (8) TMI 1832

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....N.Soparkar, Sr.Advocate ORDER Rajpal Yadav, Revenue is in appeal before the Tribunal against order of the ld.CIT(A), Gandhinagar, Ahmedabad dated 25.10.2016 for the assessment year 2010-11. 2. Sole grievance of the Revenue is that the ld.CIT(A) has erred in deleting the penalty of Rs. 199,58,53,200/- imposed by the AO under section 271(1)(c) of the Income Tax Act, 1961. 3. Brief fac....

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....lopment Act, 1962 for the purpose of securing and assisting rapid and orderly establishment and organization of industrial areas and industrial estates in the State of Gujarat. The assessee was granted registration under section 12A of the Income Tax Act and it was recognised as a charitable institution. The ld.AO took cognizance of the proviso appended to section 2(15) of the Act wherein definiti....

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.... and 12. Dissatisfied with the order of the Tribunal, Revenue went in appeal before the Hon'ble High Court. But Hon'ble High court has upheld view of the Tribunal and held that the assessee is a charitable institution and entitled for benefit under sections 11 and 12. On the strength of this order the ld.counsel for the assessee contended that the additions have been deleted by the Hon'ble High Co....

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.... which shall not be less than the addition but which shall not exceed three times the amount of tax sought to be evaded by reason of concealment of income or furnishing of inaccurate particulars of income. In other words, the quantification of the penalty is depended upon the addition made to the income of the assessee. In the instant case addition stands deleted by order of the Hon'ble Gujarat Hi....