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TMI Blog2016 (2) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... h Court has admitted the appeal as it involves substantial question of law. - Decided in favour of assessee - ITA No. 881/PN/2014 - - - Dated:- 29-2-2016 - SHRI R.K. PANDA, AM AND SHRI VIKAS AWASTHY, JM Assessee by : Shri Pradip Kapasi Revenue by : Shri I.P. Nago ORDER PER VIKAS AWASTHY, JM : The appeal has been filed by the Revenue against the order of Commissioner of Income Tax (Appeals)-I, Nashik dated 19-02-2014 for the assessment year 2005-06 whereby the Commissioner of Income Tax (Appeals) had deleted the penalty levied u/s. 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the Act ). 2. The facts of the case as emanating from the records are: The assessee is a company, engaged in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in appeal before the Tribunal. 3. Shri Pradip Kapasi appearing on behalf of the assessee submitted at the outset that the Assessing Officer made addition of more than `7 crores u/s. 40(a)(ia) in the income returned by the assessee. In first appeal the Commissioner of Income Tax (Appeals) confirmed the addition. In second appeal, the Tribunal granted part relief to the assessee. Against the findings of the Tribunal, the assessee filed appeal before the Hon'ble Bombay High Court in Income Tax Appeal No. 4257 of 2010. The Hon'ble High Court was pleased to admit the appeal as it involved substantial question of law. The ld. AR submitted that the Hon'ble Bombay High Court in the case of CIT Vs. Nayan Builders Developers (P.) Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urposes of manufacture of the products purchased ? (ii) Whether the Tribunal was right in holding that the Appellant ought to have deducted tax at source from the amount of ₹ 1,12,07,546/- paid to the vendors for purchase of goods under Section 194C of the Act because the Appellant had sold material worth ₹ 45,02,746/- which were used by the vendors with other materials independently purchased by them for producing the goods purchased by the Appellant, particularly as the vendors purchased the material from the Appellant only when the materials were unavailable in the open market and the materials were sold by the Appellant with the intent to ensure timely supply of finished products ? (iii) Whether addition of clause (iv) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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