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TMI Blog2008 (12) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax (Appeals) deleted the penalty on the ground that merely for raising a debatable issue, penalty could not be imposed, in the absence of any concealment or misrepresentation by the assessee. The said finding has been affirmed by the Tribunal. Held that- In view of the finding concurrently recorded by the Commissioner of Income-tax (Appeals) and the Tribunal that there was no concealment or mis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty of Rs. 13,50,291 imposed under section 271(1)(c) of the Income-tax Act on account of excess deduction claimed by the assessee under section 80HHC by taking whole of the profit from export unit as eligible for deduction instead of taking into account the ratio of export turnover to total turnover while computing the said deduction? 2. Whether on the facts and in the circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he defaulter with any guilty intention or not? 4. Whether on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal is right in law in relying upon the case law in CIT v. N. Krishnan [1999] 240 ITR 47 (Ker); 107 Tax-man 283; 153 CTR 450 when in the present case, the issue is that of book profits under section 115JA, whereby income was assessed at a positive fig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ises whether penalty can be imposed on account of difference of opinion. The obvious reply 'no' because the whole problem started due to the difference of opinion, therefore, it cannot be said that the assessee furnished inaccurate particulars of income or concealed its income which are the necessary ingredients for imposing penalty under section 271(1)(c) of the Act. The learned counsel for the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ries [2001] 251 ITR 401 (Bom) was in favour of the assessee when the return was filed. However, this decision was later on reversed by the hon' ble apex court. In view of these facts, it cannot be said that the assessee concealed its particulars of income." 3. We have heard learned counsel for the Revenue. In view of the finding concurrently recorded by the Commissioner of Income-tax (Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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