Case Law Details
Ajaybhai I Gogia Vs ITO (ITAT Rajkot)
From the fact of the case ITAT observed that there are conflicting judicial precedents on the issue under consideration and therefore, it may be inferred that the issue before us is one in which two views are possible. Further, we note that the Hon’ble Gujarat High Court has also admitted the assessee’s appeal in quantum proceedings. In view of the above, we are of the considered view that the instant case is not a fit case for levy of penalty u/s 271(1)(c) of the Act. The issue is clearly debatable on which various Courts have taken conflicting views. The assessee’s view is also one which is a plausible view as held by various appellate forums. Therefore, in our considered view, the Ld. CIT(A) has erred in law and in facts in confirming penalty u/s 271(1)(c) of the Act.
FULL TEXT OF THE ORDER OF ITAT RAJKOT
This assessee’s appeal for A.Y. 2011-12, arises from order of the CIT(A)-1, Rajkot dated 12-04-2018, in proceedings under section 271(1)(c) of the Income Tax Act, 1961; in short “the Act”.
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