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Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the Revenue, that by itself would not, in our opinion, attract the penalty under Section 271(1)(c). If we accept the contention of the Revenue then in case of every return where the claim made is not accepted by the assessing officer for any reason, the assessee will invite penalty under Section 271(1)( c ) .
The assessee’s quantum appeal has been admitted by the High Court. If the assessee succeeds in the quantum proceedings, it would not even be necessary to consider the s. 271(1)(c) penalty proceedings and so no prejudice has been caused to the department qua the penalty proceedings.
When Clause 11 of the instruction No.3/11 dated 09.02.2011 issued by the Board, specifically says that it will be applicable to the cases filed on or after 9.2.2011, the courts holding that it is applicable to the pending cases is against the provision under Section 268A of the Act, Public Interest and the Public Policy.
a. The search commenced on 29.8.1996 and was finally concluded on 30.8.1996. It is impossible for anybody to accurately take stock in a span of just one day and this itself vitiated the entire process of inventorisation followed by the income tax authorities.
In the case of the assessee, it is clear that a precise and definite information was received by the Assessing Officer regarding receipt of accommodation entries in respect of capital from various persons aggregating to Rs. 14.45 lakhs. He compared the information with the information available in the return of the assessee.
The main claim in the present year is a sum of Rs. 14,50,123 which represents interest expenses on the loans used for construction of the building and which according to assessee deserves to be allowed under section 24(b) of the Income-tax Act, 1961 against the rental income.
The proviso to s. 36(1)(iii) enacts that any amount of the interest paid towards capital borrowed for acquisition of an asset or for extension of existing business regardless of its capitalization in the books or otherwise,
A look at the assessment order, in respect whereof power under section 263 of the Act was exercised, would amply make it clear that the Assessing Authority did not at all make any endeavour to ascertain, whether Rs. 96 and odd crores were received by the assessee for and in respect of services rendered by the assessee or the same was received only by way of sale price of goods/materials sold by the assessee, may be outside India.
AO observed that the assessee has not included the excise duty in the valuation of closing stock. Under the provisions of section 145A of the Act, the assessee should include the excise duty component of purchase price of raw material while valuing closing stock of raw material, Work-in-Progress (WIP) and finished goods.
In Tax Appeal No. 9 of 2001, in addition to the above two questions with respect to the lease agreement, one more question is raised and that is relating to the allowing of the claim of expenditure on get together, picnic, coffee and tea of the employees and payment Club and expenses incurred for seminar as revenue as revenue expenses for the assessment year 1993-94 amount to Rs. 5,76,330/-which is, according to revenue, was not allowable as expenditure.
