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2016 (1) TMI 136 - BOMBAY HIGH COURT

2016 (1) TMI 136 - BOMBAY HIGH COURT - TMI - Penalty u/s. 271(1)(c) - Held that:- Where an issue is debatable/ arguable, no occasion to impose penalty can arise and the fact that the appeal in quantum proceedings had been admitted, was evidence enough of the issue being debatable. See Nayan Builders & Developers Pvt. Ltd. v/s. ITO [ 2014 (7) TMI 1150 - BOMBAY HIGH COURT] - Decided in favour of assessee. - Income Tax Appeal No. 851 of 2014 - Dated:- 2-12-2015 - M. S. Sanklecha And Dr. Shalini Pha .....

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ase, the Tribunal was right in its view that since the issue raised by the Respondent have been admitted by the High Court, no penalty is exigible, without appreciating the fact that there is no such provision in the Act whereby the Respondent is discharged from the onus levied on it by the provision of Section 271(1)(c)? (b) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in its belief that a mere admission of a question of law before the High Court .....

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