Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 1143 - AT - Income TaxPenalty u/s. 271(1)(c) - claim of bad debts under section 36(1)(vii) r.w.s.36(2) rejected - Held that:- When the issue is debatable and substantial question of law has been accepted by the Hon’ble High Court, no penalty is leviable. This issue is squarely covered by the decision of Hon’ble jurisdictional High Court in the case of M/s Nayan Builders & Developers Pvt. Ltd. (2014 (7) TMI 1150 - BOMBAY HIGH COURT) wherein it was categorically held that mere admission of appeal by the High Court is sufficient to debar the penalty levied u/s.271(1)(c) of the Act.
|