Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2011 (3) TMI 46 - AT - Income Tax
Penalty u/s.271(1)(c)- Whether the deposit of Rs.1,04,76,050/- received from Spectrum is exigible to tax - Disallowance of brokerage Rs.10,79,221/- and legal fees Rs.2,00,000/- High Court admits substantial question of law on an addition, it becomes apparent that the addition is certainly debatable - In such circumstances penalty cannot be levied u/s 271(1)© as has been held in several cases - The admission of substantial question of law by the Hon’ble High Court lends credence to the bona fides of the assessee in claiming deduction - Decided in favour of assessee