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Cherokee India P. Ltd, Mumbai vs Assessee on 20 July, 2011 cites

Commissioner Of Income Tax, Pune vs Shirke Construction Equipment Ltd on 17 May, 2007

The matter was settled only after subsequent decision of the Hon'ble Supreme Court in the case of Shirke Construction Equipment Ltd. (supra). The above decision of the Hon'ble Apex Court came after the filing of the return of income. Therefore, the claim of deduction u/s 80HHC out of the current year profit before adjusting the brought forward loss may not be correct in view of the decision of Hon'ble Supreme Court. However, the same in our opinion, will not amount to furnishing of inaccurate particulars of income or concealment of income so as to attract levy of penalty u/s 271(1)(c). In view of the decision of the Hon'ble jurisdictional High Court after the decision in the case of Ipca Laboratory Ltd., the issue was not free from doubts and was a debatable issue. It is the settled proposition that penalty u/s 271(1)(c) cannot be levied on debatable issues. Further, full particulars were furnished by the assessee in the audit report filed 6 ITA2909/M/2010 M/s Cherokee India P. Ltd.
Supreme Court of India Cites 13 - Cited by 75 - Full Document
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