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TMI Blog2007 (8) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... 11AC C.E. Act is imposable - First Appeal No. 73 of 2007 - - - Dated:- 24-8-2007 - [Judgment per : N. V. Dabholkar, J.].- Heard learned Assistant Solicitor General, appearing on behalf of the appellant. None present for the respondent, although they are served after admission of the appeal. 2. This appeal is admitted on following substantial question of law. "Whether the authorities und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst half in the same judgment. There are only two options i.e. penalty can be hundred per cent i.e. equivalent to evaded duty or the duty determined alongwith interest payable under section 11-AB is paid within thirty days in which case the penalty under section 11-AC would be twenty-five per cent of the duty evaded. 3. We, therefore, answer the substantial question of law accordingly i.e. th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ying human error or accounting error. We are afraid, having filed a Declaration, it was not open for the respondent - assessee to say that it was a human error or accounting error that depreciation as determined was one under section 32 of the Income Tax Act, 1961. The Declaration in such circumstances must be said to be a mis-statement aimed at evasion of the duty and penalty was, therefore, impo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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