2014 (9) TMI 47

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..... he Revenue impugns order dated 6th December, 2013, passed by the Income Tax Appellate Tribunal deleting penalty under Section 271(1)(c) of the Income Tax Act, 1961 (Act, for short). The assessee had claimed deduction under Section 10A in respect of unit known as Minakshi International. During the course of assessment proceedings, it was noticed that interest earned on FDRs was included for the pur .....

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..... pon decision of this Court in CIT Vs. Delhi Brass and Metal Works Ltd. (2009) 313 ITR 352 (Del.). 3. The tribunal in the impugned order, while deleting the penalty for concealment, noticed the defence taken by the respondent assessee that the FDRs on which interest had accrued or was paid, had been obtained for issue of bank guarantee or for taking overdraft facility for the purpose of business. .....

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