2011 (7) TMI 522

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..... the Income Tax Act, 1961 is the question raised in this appeal.   2. The assessment year involved herein is assessment year 2004-05.   3. In the assessment year in question, the assessee filed return of income and claimed refund of tax on the ground that the amount of royalty received by the assessee was covered under Article 7 of the Double Taxation Avoidance Agreement between India .....

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..... hat the appeal against the deletion of the quantum addition is pending before this Court, cannot be a ground to sustain the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 because the quantum addition itself was made on the basis of the return filed by the assessee which is found to be correct. Merely because the assessee's contention that the royalty income is exempt was not a .....

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