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2015 (12) TMI 828 - CALCUTTA HIGH COURT

2015 (12) TMI 828 - CALCUTTA HIGH COURT - TMI - Penalty under section 271(1)(c) - wrongly claiming exemption under section 10B in respect of interest not derived as ‘Profits and Gains of Business’ - CIT(A) deleted the penalty - Held that:- We are of the opinion that there can be no gainsaying that the assessee had raised a legal contention which was not finally accepted.

When that is the position, then the authoritative judgement of the Supreme Court in the case of Reliance Petroprodu .....

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ocate JUDGEMENT The 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 ₹ 37,23,008 imposed under section 271(1)(c) of the Income Tax Act, 1961, for wrongly claiming exemption under section 10B of the Act, in respect of interest not derived as Profits and .....

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deleted the penalty imposed, inter alia, for the following reasons : In this case, the appellant has not concealed any particulars of income, all the facts was on the records, the difference was only regarding 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 appellan .....

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