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2015 (4) TMI 405 - BOMBAY HIGH COURT

2015 (4) TMI 405 - BOMBAY HIGH COURT - TMI - Penalty u/s 271(1)(c) - interest payment on the borrowings disallowed - Held that:- Here, the assessee may not be successful in substantiating their claim, but that by itself does not mean penalty follows. Eventually for withholding a imposition of penalty whether the particulars of income or furnishing of inappropriate particulars of income is an element present and with regard thereto any explanation is offered or not or if offered whether the same .....

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- Income Tax Appeal No. 6181 of 2010 - Dated:- 16-3-2015 - S. C. Dharmadhikari And A. K. Menon,JJ. For the Appellants : Mr A R Malhotra, Ms Padma Divakar & N A Kazi For the Respondent : Mr Atul K Jasani ORDER P. C. 1. We have heard Mr. Malhotra for the Revenue in support of this appeal and Mr. Jasani for the assessee. 2. We have perused the Tribunal's order setting aside that of the Commissioner and allowing the appeal. 3. The assessee had approached the Tribunal, aggrieved and dissatisf .....

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re to be found in paragraph 2 of the Tribunal order. The investment in these shares and of the shares of these two companies was made during the financial year 1995-1996 relevant to the assessment year 1996-1997. The Assessing Officer rejected the claim in respect of the interest payment on the borrowings and made an addition of ₹ 22,94,954/-. This was upheld throughout. 4. It is on this basis that the penalty proceedings were initiated. The Tribunal, on reading of section 271(1)(c) held t .....

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