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2015 (4) TMI 1184 - HC - Income TaxIn this situation, admit on the following substantial questions of law : “1. Whether, on the facts and in the circumstances of the case, the Hon'ble ITAT erred in law by upholding the order of the CIT(A) deleting the penalty of ₹ 48,00,000/levied under Section 271(1)(c) of the Income Tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the Hon'ble Tribunal erred in law by considering extraneous factors as basis for surrender of income of ₹ 1,40,00,000/disregarding the fact that unaccounted closing stock of ₹ 1,40,00,000/was found during survey?”
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