(Per : HONOURABLE MR.JUSTICE V. M. SAHAI) We have heard Mr. M.R. Bhatt, learned Senior Standing counsel assisted by Mrs. Mauna M. Bhatt, learned Standing Counsel appearing for the revenue and Mr. J.P. Shah, learned counsel appearing for the assessee.
We formulate the following substantial questions of law for the consideration of this Court :-
"[A] Whether the Appellate Tribunal is right in law and on facts in canceling the penalty of Rs.9,89,620/- levied by the Assessing Officer under Section 27(1)(c) of the Act without appreciating the facts of the case and the materials brought on record by the Assessing Officer ?
[B] Whether the Appellate Tribunal is right in law and on facts in not appreciating that the assessee, in the return of income, has disclosed only Rs.79,15,395/- I.e. the part the excess stock of Rs.1,03,21,200/- found during the course of survey and did not disclose part of the excess stock I.e. Rs.24,05,825/- and thus concealed particulars of its income and also furnished inaccurate particulars of its income ?
[C] Whether the Appellate Tribunal is right in law and on facts in not appreciating that the provisions of Section 27(1)(c) of the Income-tax Act, 1961 is clearly attracted to the instant case and the Assessing Officer has rightly levied penalty of Rs.9,89,620/- under Section 27(1)(c) of the Act ?
[D] Whether the Appellate Tribunal is right in law and on facts in holding that no considered finding is given in the penalty order whether the assessee concealed particulars of income or filed inaccurate particulars of income without appreciating that the Assessing Officer in the penalty order has stated that the assessee has concealed its income and has also filed inaccurate particulars of income ?"
Issue notice to the other side. Paper book be filed within 3 months.
M. SAHAI, J.] [N.
V. ANJARIA, J.] Savariya Top