TMI Blog2014 (7) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax vs. Reliance Petroproducts Pvt. Limited – [2010 (3) TMI 80 - SUPREME COURT] - the orders passed by the Tribunal confirming the order passed by the CIT(A) in deleting the penalty imposed by the AO u/s 271(1)(c) of the Act is not required to be interfered with – Decided against Revenue. - Tax Appeal No. 361 of 2014 - - - Dated:- 17-6-2014 - M. R. Shah And K. J. Thaker,JJ. For the Petitioner : Mr. Sudhir M. Mehta, Advocate ORDER (Per : Honourable Mr. Justice M. R. Shah) 1.0. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal ) dated 06.08.2013 passed in ITA No.940/AHD/2010 for the AY 2004-05, by wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The establishment of subsidiary in the US has lead to increase the turnover and business of the appellant company. The commercial expediency of establishing the US subsidiary and extending of loans and credits for supply of materials, the said subsidiary has not been questioned by the assessing authority at any stage. Now, in view of the submissions made by the appellant before me, the important issue to be decided was that whether the appellant had concealed particulars of income and / or furnish in accurate particulars of the income , for which section 171(1)(c) is attracted. In the case of CIT vs. A. Sreenivas Pai 241 ITR 29 (Ker), the Hon ble HC held that the expressions has concealed and has have no, been defined either in the sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourts have held that penalty can't be imposed where debatable additions or disallowances are made. Similarly, where two views are possible with regards to the additions made cannot be construed as concealment or furnishing of inaccurate particulars of income. In this circumstance, I direct the AO to delete the penalty. The appellant succeeds this ground of appeal. 3.0. Feeling aggrieved and dissatisfied with the order passed by the learned CIT(A) deleting the penalty imposed by the AO under Section 271(1)(c) of the Act, the Revenue preferred appeal before the learned Tribunal and the learned Tribunal has dismissed the said appeal confirming the order passed by the learned CIT(A) deleting the penalty imposed under Section 271(1)(c) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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