Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1268 - HC - Income TaxPenalty proceeding u/s 271(1)(c) - Dis-allowance u/s 80IA restricted to gross total income computed in order u/s 143(3) - Rejection of assessee's claim that sales tax incentive is in nature of capital receipt and therefore not taxable - Held that:- We do not think that the CIT(A) or the Tribunal was wrong in setting aside the order of the Assessing Officer levying penalty on Point Nos.1 and 2 reproduced above. As mentioned earlier, with reference to these points in the quantum proceedings, the Appeals have already been admitted in which a substantial question of law is raised. This would clearly indicate that there are debatable and arguable questions raised which would certainly be another factor to be taken into consideration whilst imposing penalty under section 271(1)(c) of the Income Tax Act, 1961. Addition to the total income on account of items not considered to be eligible for 100 % depreciation - Held that:- Considering the facts that we have discussed above and especially considering that when the claims as mentioned herein were made by the Assessee, they were governed by judicial decisions of the Tribunal, we do not think that this judgment would apply in the factual matrix before us. From the facts of the present case, it is clear that they were debatable and arguable questions which certainly did not warrant the levy of penalty on the Assessee. - decided against revenue
|