(Per : HONOURABLE MR.JUSTICE V. M. SAHAI)
1. We have heard Mr.M.R.Bhatt, learned Senior counsel assisted by Ms.Mauna M.Bhatt, learned counsel appearing for the appellant.
2. Admit. We formulate the substantial question of law as under:
1. Whether the Appellate Tribunal has substantially erred in deleting the penalty imposed by the Assessing Officer and confirmed by the CIT(A) particularly when the addition in the assessment was confirmed by the CIT(A) and the Appellate Tribunal on account of wrong claim made by the assessee ?
2. Whether the Appellate Tribunal has substantially erred in deleting the penalty even when the CIT(A) held that the action of the assessee in not making appropriate entries in the balance sheet for A.Y.1995-1996 and A.Y.1996-97 but claiming deduction of reversal entry in respect of MODVAT claim of earlier year, resulting in reducing the profit for the year, casts doubts over the intentions of the assessee ?
HC-NIC Page 1 of 2 Created On Fri Apr 29 03:10:41 IST 2016 TAXAP/571/2012 2/2 ORDER
3. Issue notice to the respondent. Paper book be filed within three months.
(V.M.SAHAI,J) (N.V.ANJARIA,J) ***vcdarji HC-NIC Page 2 of 2 Created On Fri Apr 29 03:10:41 IST 2016