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2015 (10) TMI 1585 - AT - Income TaxPenalty u/s 271(1)( c) - receipt of transfer fees and TDR premium received by the assessee - CIT(A) deleted penalty levy - Held that:- in the quantum appeals for the assessment years 2003-04 to 2005-06 the issue is decided in favour of the assessee, therefore even if the Tribunal confirmed the addition for the assessment year under consideration it does not lead to the conclusion that the claim of the assessee by applying the principle of mutuality in respect of transfer fee and TDR premium is bogus claim or absolutely incorrect claim. When the issue is decided by the Hon’ble Jurisdictional High Court in favour of the assessee then the claim of the principle of mutuality of this receipt is a bonafied claim and does not attract the penalty under section 271(1)( c) of the Act. Accordingly, we do not find any illegality of infirmity in the order of ld. CIT(A) in deleting the penalty levied under section 271(1)(c) of the Act for all these assessment years. - Decided against revenue.
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