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2015 (1) TMI 107 - GUJARAT HIGH COURTValidity of cancellation of penalty u/s 271(1)(c) - fact of suppression of material facts or not – Application of Explanation to Section 271(1)(C) - Held that:- The Tribunal was rightly of the view that the AY involved in 1979-80 and the levy of penalty is to be governed by the provisions of Explanation to Section 271(1) (C), which was applicable from 1.4.1978 and not with reference to Explanation which was in subsection for the periods from 1.4.1964 to 31.3.1976 - in respect of the various disallowances and additions made by the AO which were challenged in the appeal before the CIT(A) and then before the Tribunal the assessee has given explanations, some of which were adopted by the CIT(A)/Tribunal and some of which were rejected - even in respect of those claims which were rejected by the Tribunal - reference applications were filed by the assessee and were allowed to the Tribunal and they are pending for adjudication before the Hon’ble High Court - the view taken by the Tribunal is just and proper - The Tribunal as well as the CIT(A) have taken care the factual aspects of the matter - the paper book shows that there was in fact reply filed and the AO had ample occasion to look at the explanation and the respondent-assessee did not fail to substantiate the claim and the explanation was considered to be bona fide and germane to the facts of the case - therefore, the cancellation of penalty was just and proper – the order of the Tribunal is upheld – Decided against revenue.
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