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2018 (2) TMI 1742 - AT - Income TaxPenalty u/s 271(1)(c) - additions were made on account of profits attributable to PE, Software (Taxable @ 15%) and IPLC Charges - Held that:- CIT(A) while deleting the penalty levied by the Assessing Officer u/s 271(1)(c) has observed that the Hon'ble High Court has admitted the substantial question of law. Therefore, it is clear that the issue is subject to different interpretation. We do not find any infirmity in the order of the CIT(A). As mentioned earlier, the Hon'ble High Court has already admitted the substantial question of law which has already been reproduced in the preceding paragraphs. Therefore, in view of the decision of the Hon'ble High Court in the case of Liquid Investment and Trading Co. (2010 (10) TMI 1021 - DELHI HIGH COURT), according to which, penalty cannot be levied when substantial question of law has been framed and admitted, therefore, in absence of any contrary material brought to our notice, we do not find any infirmity in the order of the CIT(A). - Decided against revenue
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