Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (6) TMI 1115 - AT - Income TaxPenalty imposed u/s.271(1)(c) - addition made on account of raw material purchased from Sun Pharmaceuticals, notional selling and distribution expenses and interest income on bank deposits/staff loan as not eligible for deduction u/s.80IB - Held that:- Tribunal in assessment year 2005-06 in quantum proceedings, wherein the addition made on account of notional selling and distribution expenses was deleted by the Tribunal. Since the addition on account of notional selling and distribution has been deleted in quantum proceedings, the penalty order passed with respect to such addition has no legs to stand. With respect to the addition made on account of raw material purchases, interest income on bank deposit/staff loan, the Tribunal has deleted the penalty after observing that penalty is not leviable in respect of disallowance u/s.80IB of the Act on account of raw material purchases as it is merely a claim which is found to be not sustainable in law. Similarly the penalty with respect to the interest income on bank deposits/staff loan was deleted by the Tribunal by observing that penalty is not leviable in respect of disallowance u/s.80IB on account of interest income on bank deposit/staff loan as the assessee has furnished all details and it is merely a claim which is found to be not sustainable in law. Respectfully following the decision of the Tribunal in assessee’s own case for the assessment year 2005-06, we do not find any infirmity in the order of CIT(A) for deleting the penalty imposed u/s.271(1)(c) of the Act. - Decided in favour of assessee.
|