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2016 (5) TMI 1317 - AT - Income TaxPenalty u/s. 271(1)(c) - Held that:- It is not in dispute in the plea of assessee that a substantial question of law has been admitted by Hon’ble jurisdictional High Court on quantum appeal. Thus no penalty can be levied on the debatable and arguable issue. Admittedly, substantial question of law had been admitted by the Hon’ble High Court on the assessee’s appeal. In view of the above legal discussion, the penalty order u/s 271(1)(c) of the Act was not justified when debatable and arguable issue on substantial question of law has been admitted by the Hon’ble High Court. - Decided in favour of assessee
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