2023 (10) TMI 89

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....e being taken from ITA No. 283 of 2014. 2. The instant appeal (ITA No. 283-2014) under Section 260-A of the Income Tax Act, 1961, has been filed against the order dated 28.01.2014 (Annexure A-4) passed by the Income Tax Appellate Tribunal, Chandigarh, whereby appeal filed by the Revenue against the order dated 14.01.2013 passed by the Commissioner of Income Tax (Appeal) (Central), Gurgaon, relating to the assessment year 2007-2008, has been dismissed. 3. Respondent-assessee (M/s Bhushan Power & Steel Ltd.) had set up a new unit at Hoogly, District Kolkata. The said unit started its commercial production on 13.05.2000. In terms of Section 41 of the West Bengal Sales Tax Act, the unit was allowed remission of Sales Tax for a period of 12 ye....

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.... the assessee under Section 271 (1) (c) of the Income Tax Act and show cause notice was issued to the assessee. Against this order, the assessee filed an appeal before the Commissioner of Income Tax (Central) (A), Gurgaon, which was allowed vide order dated 14.01.2013 (Annexure A- 3). While allowing the appeal, it was observed that as per Section 271 (1) (C) of the Income Tax Act, penalty is to be levied if, the assessee had concealed particulars of income or has furnished inaccurate particulars of such income. In the present case, the issue was, whether the sales tax exemption availed during the relevant year amounting to Rs. 32,65,57,714/- as capital receipt, was to be held as revenue in nature. The Appellate Authority observed that the p....