ACIT, NEW DELHI vs. M/S. SRF LTD., GURGAON
In the result, appeal of the Revenue is dismissed
ITA 2853/DEL/2012[1995-96]Status: DisposedITAT Delhi18 Nov 2016AY 1995-96
Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 1995-96 Vs. M/S. Srf Ltd., Block-C, Sector - Acit, Circle-9(1), Room No. 163, C.R. Building, New Delhi 45, Gurgaon Pan : Aaacs0206P (Appellant) (Respondent) Appellant By Sh. Satyen Sethi, Adv. Respondent By Sh. Satpal Gulati, Cit (Dr) Date Of Hearing 20.09.2016 Date Of Pronouncement 18.11.2016 Order Per O.P. Kant, A.M.: This Appeal By The Revenue Is Directed Against Order Dated 06/03/2012 Passed By The Learned Commissioner Of Income-Tax (Appeals)-Xii, New Delhi For Assessment Year 1995-96, In Respect Of Penalty Under Section 271(1)(C) Of The Income-Tax Act, 1961 (For Short “The Act”), Levied By The Assessing Officer. The Grounds Of Appeal Raised By The Revenue Are As Under: 1. The Learned Commissioner Of Income Tax (Appeals) Erred In Law & On The Facts Of The Case In Deleting The Penalty Of Rs.3,43,70,911/- Imposed By The Assessing Officer U/S 271(1)(C) Of The Act. 2. The Appellant Craves To Amend Modify, Alter, Add Or Forego Any Ground Of Appeal At Any Tiem Before Or During The Hearing Of This Appeal.
Section 143(3)Section 254Section 271(1)(c)Section 30
…e, the Assessing Officer was requested to allow expenditure under section 30 to 37 of the Act. It was submitted that this claim was made in the return of income filed on 30/11/1995 based on the decision in the case of CIT Vs. Chase Bright Steel Limited (1989) 177 ITR 124 ( Bom). The controversy was settled by 4 AY: 1995-96 the judgment dated 05/10/2005 in the case of Britannia Industries Ltd. Vs. CIT (2005) 278 ITR 546 (SC).Thus, it was not a case of furnishing of inaccurate particulars of income and at the time of filing of return, the issue was debatable, therefore, in view of the judgment of the Hon’ble Suprem…
