9911796707
TMI Blog2013 (11) TMI 1374X X X X Extracts X X X X X X X X Extracts X X X X ..... ided against Revenue. - Tax Appeal No. 14 of 2007 - - - Dated:- 11-11-2013 - B. R. Gavai And F. M. Reis,JJ. For the Appellant : Ms. Asha Dessai, Senior Standing Counsel with Mr. Raunaq Rao, Junior Standing Counsel. For the Respondent : None JUDGMENT (Per B. R. Gavai, J.) This Appeal takes exception to the Judgment and Order passed by the learned Income Tax Appellate Tribunal, Panaji, dated 05.09.2006. 2. The Appeal has been admitted by the Division Bench of this Court on 16.04.2007 on the following substantial questions of law : A) Whether on the facts and in the circumstances of the case, the ITAT was justified in deleting the penalty u/s 271(1)(c), though the claim of the assessee u/s 80IA was disallowed, by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Tribunal dismissed the Appeal of the assessee in so far as deductions under Section 80-IA. However, the appeals filed by Revenue in so far as imposing of penalty is concerned, were dismissed. Being aggrieved thereby, the Revenue has come before this Court. 5. Ms. Asha Dessai, learned Senior Standing Counsel appearing for the Appellants, submitted that though the Assessee only shifted his unit from Fatorda to Kundaim, it had claimed the benefit as if the entire new unit was being established at Kundaim and, therefore, the penalty was rightly imposed by the Assessing Officer and upheld by the Commissioner of Income Tax. The learned Senior Standing Counsel therefore submitted that a substantial question of law as to when the the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... specified that the total cost of new Plant and Machinery capitalised at Kundaim factory is Rs.22,40,809/-. The Assessee had also obtained an expert advice with M/s. Prafull Jain Associates, which had given an advice that the Assessee was entitled for benefit under Section 80-IA(2) (iv)(b) with regard to Kundaim unit. One Shri Prafull Jain, who was an expert filed an affidavit stating therein that according to my interpretation, the company did not shift the claim for deduction u/s 80-I to 80-IA. The unit at Kundaim Industrial Estate is a new industrial undertaking, manufacturing a much wider range of products. It can be thus clearly seen that the Assessee under the bonafide impression, that since more than 80% of the cost at new factor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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