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2018 (12) TMI 1613 - AT - Income TaxLevy of penalty u/s 271(1)(c) - disallowance of deduction under section 80-IA and section 80HHC - debatable issue - HELD THAT:- It is a case where penalty is levied, on a issue, in respect of which Hon’ble Delhi High Court in assessee’s own case for relevant assessment year under consideration, has framed substantial question of law. It thus becomes apparent that addition is debatable. Accordingly, in view of judgment of the Hon’ble Delhi High Court in the case of CIT vs. Liquid Investment & Trading Company (2010 (10) TMI 1021 - DELHI HIGH COURT), we find no reason to interfere with the act of the Ld. CIT (Appeals) in deleting the penalty. - Decided in favour of assessee.
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