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2018 (3) TMI 528 - HC - Income TaxPenalty u/s 271(1)(c) - denial of exemption to interest income under Section 10B - Held that:- We find that the issue arising in these appeals is covered in favour of the assessee by the full bench decision of Karnataka High Court in Commissioner of Income Tax Vs. Hewlett Packard Global Soft Ltd. [2017 (11) TMI 205 - KARNATAKA HIGH COURT]. We find that for subsequent assessment years, the assessee has been granted the benefit of deduction under Section 10B of the Act to the extent of its interest income. We find from the affidavit in reply dated 7th February, 2018 filed by Mr. Waseem Ur Rehman, Joint Commissioner of Income Tax (OSD), Mubmai that the respondents have already launched prosecution against the applicant assessee and its officers. In the present facts, prima facie, it appears that the controversy in the present appeals in respect of deduction of interest income under Section 10B stands resolved in favour of the applicant assessee. At the very least, it would be a debatable issue. No penalty levied.
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