Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 189 - HC - Income TaxPenalty u/s 271(1)(c) - disallowance of deduction u/s. 80IB relating to on account of interest income on bank deposit / staff loan - Held that:- The amount of penalty imposed on the aforesaid would be too small. Apart from above, even there is a clear finding by the learned ITAT that with respect to the above the assessee had furnished all details. Under the circumstances, the case will not fall in any of the parameters mentioned under Section 271 (1)(c) of the Act as rightly observed by the learned ITAT. Under the circumstances, the present Appeals with respect to the deletion of the penalty in respect of the dis-allowances under Section 80IB on account of interest income on bank deposit / staff loan is not required to be interfered by this Court. Disallowance / deduction under section 80IB of the Act relating to price paid by the assessee for the purchase of raw materials at lower rate and with respect to selling and distribution expenses is concerned, the present Appeals are disposed of with the liberty in favour of the Revenue to initiate appropriate proceedings afresh for penalty, after the decision of the Hon’ble High Court in the quantum Appeals and subject to the decision that may be taken by the Hon’ble High Court in the quantum Appeals considering section 275 (1A) of the Income Tax Act and as and when such proceedings are considered the same may be considered in accordance with law and on merits.
|