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"Whether   the  Appellate  Tribunal  is  right   in  law   and   on   facts   in   confirming   the   order  passed by CIT (A) in deleting the penalty of  Rs.2,38,44,898/­ levied u/s.271(1)(c) of the  Act,   when   the   quantum   additions   made   were  confirmed ?"

4. For the purpose of this judgment, Tax Appeal  No.1905/2008 is taken as the lead matter.

5. Briefly   stated,   the   facts   are   that   the  assessee herein is a closely held company and is  a   wholly   owned   subsidiary   of   another   company,  named,   Parle   (Exports)   Ldt.   It   forms   part   and  parcel   of   Parle   Group   of   companies.   During   the  HC-NIC Page 3 of 9 Created On Fri Aug 12 00:48:22 IST 2016 O/TAXAP/1905/2008 JUDGMENT year relevant to A.Y. 1994­95, the assessee sold  its   business   relating   to   manufacturing   of  concentrates   for   soft­drinks,   processing  information for beverage base, Goodwill and Copy­ rights   to   Coca­Cola   Company,   USA.   As   per   an  Agreement   with   the   purchaser,   the   assessee  company   was   restrained   from   carrying   on   the  business of manufacturing concentrates for soft­ drinks as well as use of any information or know­ how for the manufacturing of such products either  itself or through anybody else. Subsequently, the  assessee   company   entered   into   three   different  Agreements for sale of Copy­rights, Goodwill and  restrain   on   use   of   Technical   Know­how.   The  assessment u/s.143(3) of the Act was finalized on  31.03.1997   determining   total   income   at  Rs.12,83,17,670/­ as against the returned income  of Rs.3,11,66,030/­.