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2019 (4) TMI 1115 - AT - Income TaxPenalty u/s 271(1)(c) - debatable issue - order passed beyond the period of limitation prescribed under Section 275(1)(a) - period of limitation - HELD THAT:- It is not disputed that substantial questions of law on the quantum additions confirmed by ITAT have already been framed by Hon’ble Delhi High Court regarding all the additions in respect of which penalties (disputed in the present appeals before us) have been levied by the AO, u/s 271(1)(c) of IT Act. It is also not in dispute that quantum additions were on disputable and debatable issues on which different views could legitimately exist. In these facts and circumstances, respectfully following the aforesaid precedents, vide order of Hon’ble Delhi High Court in CIT vs. Liquid Investment and Trading Company [2010 (10) TMI 1021 - DELHI HIGH COURT] , CIT vs. Nayan Builders & Developers [2014 (7) TMI 1150 - BOMBAY HIGH COURT] , ACIT vs. Moradabad Toll Road Co. Ltd. [2015 (11) TMI 848 - ITAT DELHI] ; and after due consideration of PCIT vs. M/s Shree Gopal Housing and Plantation Corporation [2018 (2) TMI 604 - BOMBAY HIGH COURT] ; in our view the issue regarding penalty u/s 271(1)(c) of IT Act disputed in the appeals before us is covered in favour of the assessee by the aforesaid orders - as we have already deleted the penalties levied u/s 271(1)(c) of IT Act, the other contention raised by the assessee, that the penalties were barred by limitation, is academic in nature and need not be adjudicated - Decided in favour of assessee.
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