2015 (12) TMI 828

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..... e appeal arises out of a judgement dated 25th July, 2008 pertaining to the assessment year 2001-02. The question of law suggested by the revenue reads as follows : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in deleting penalty of Rs. 37,23,008 imposed under section 271(1)(c) of the Income Tax Act, 1961, for wrongly claiming exemption .....

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..... ng the treatment of interest income for the purpose of calculation of deduction U/s.10B of the I.T.Act." The learned Tribunal concurring with the views of the CIT(A) dismissed the appeal of the revenue. The revenue has come up in appeal. Mr.Agarwal, learned advocate appearing for the appellant reiterated that the income earned from interest could not have been the basis for claiming the benefit u .....

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..... credit facility without which the business of the export could not have been continued. The assessee was of the opinion that the interest earned is also eligible for benefit under section 10B. He drew our attention to the judgement of the Apex Court in the case of CIT v. Reliance Petroproducts Pvt.Ltd. reported in (2010) 322 ITR 158 (SC) wherein the Apex Court opined that by any stretch of imagina .....

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