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2015 (6) TMI 326 - BOMBAY HIGH COURT

2015 (6) TMI 326 - BOMBAY HIGH COURT - TMI - Penalty under section 271(1)(c) - disallowances under section 40(a)(i) and income of Head Office / Branch Office - ITAT deleted penalty levy - Held that:- On the merits of the disallowances have not been accepted and the special Bench had to be constituted to resolve the legal issue. All this indicates that there were two views possible on the issue and before it was settled by a special Bench decision of the Tribunal. Thus, on a debatable point and l .....

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r Tejveer Singh For the Respondent : Mr Niraj Sheth & Mr Atul K Jasani ORDER P.C. 1. This appeal of the Revenue challenges the order passed by the Income Tax Appellate Tribunal deleting a penalty in the sum of ₹ 8,56,72,539/- imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. Mr. Tejveer Singh submits that the Tribunal's finding in paragraph 23 on this point raises a substantial question of law and, therefore, the appeal be admitted. 2. We are una .....

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