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2015 (5) TMI 348 - AT - Income TaxPenalty u/s 158BFA(2) - CIT(A) deleted penalty levy - Held that:- Where two views are possible on the issue, the penalty is not imposable in such cases. Therefore in such an event as per the spirit of decision of Hon’ble Delhi High Court in the recent case of CIT vs. Sarla Fabrics P. Ltd. (2012 (7) TMI 803 - DELHI HIGH COURT) the Hon’ble Court by relying on their own decision in the case of CIT-IV, New Delhi vs. IP India P Ltd. ( 2011 (11) TMI 252 - DELHI HIGH COURT) have held that - "where there is a difference of opinion either between different Benches of Tribunal or the High Courts, which is finally settled by the pending judgment of the Supreme Court and all necessary facts have been disclosed by the assesses in its return, the penalty is not warranted.” Thus find force in the finding of the Ld. CIT(A) that the imposition of penalty under section 158BFA(2) is not on automatic fall out or mandatory, therefore, in our view, Ld. CIT(A) has rightly deleted the penalty, which in our opinion does not need any interference, accordingly, we uphold the order of the CIT(A) of deleting the penalty made u/s. 158BFA(2) and dismiss the appeal of the Revenue. - Decided in favour of assessee.
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