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Judgment
Leave granted.
In these cases two questions arose for determination before the Tribunal.
The first question related to adjustment of unabsorbed depreciation resulting in negative income (loss) for which penalty was sought to be levied u/s 271(1)(c) of the Income Tax Act by the department.
The second question which arose before the Tribunal was-whether in these cases penalty was also leviable for concealment u/s 271(1)(c). of the 1961 Act?
As regards the first question, the matter stands covered by the judgment of the Larger Bench of this Court in the case of Commnr. of Income Tax-I, Ahmedabad Vs. Gold Coin Health Food Pvt. Ltd.,
So far as the second question regarding concealment is concerned, we are required to remit these matters to the Tribunal particularly because the said question has not been gone into by the High Court as well as by the Tribunal in the earlier round of litigation.
Subject to above the civil appeals stand allowed with no order as to costs.