Gujarat High Court
The Income Tax Officer vs Sachinam Trust on 31 July, 2000
Author: A.R. Dave
Bench: A.R.Dave
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No 375 of 1999
with
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THE INCOME TAX OFFICER
Versus
SACHINAM TRUST
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Appearance:
1. TAX APPEAL No. 375 of 1999
MR MANISH R BHATT for Petitioner
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CORAM : MR.JUSTICE R.K.ABICHANDANI
and
MR.JUSTICE A.R.DAVE
Date of Order: 31/07/2000
ORAL ORDER
ADMIT. The question of law is formulated as under for this appeal:-
"Is the Appellate Tribunal right in law and on facts in cancelling the penalty levied under Section 271B amounting to Rs.72,451/- on the ground that it is not the gross amount of advances made during the year which constituted turnover but the gross interest received which constitute the basis for liability u/s 44AB."
31.07.2000 (R.K. Abichandani, J.) (A.R. Dave, J.)