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TMI Blog2012 (7) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... PER SHAMIM YAHYA: AM This appeal by the Revenue is directed against the order of the Ld. Commissioner of Income Tax (Appeals)-XVI, New Delhi dated 29.11.2011 pertaining to assessment year 2005-06. 2. The issue raised in the appeal is that Ld. Commissioner of Income Tax (A) erred in confirming the levy of penalty u/s. 271(1)(c) of the Income Tax Act, 1961. 3. In this case assessee company fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he same was also confirmed by the ITAT, Delhi. Assessing Officer levied the penalty of ` 7,65,000/- on account of addition of ` 10200000/- being provision of doubtful debts. 4. Upon assessee's appeal Ld. Commissioner of Income Tax (A) held that he was in agreement with the assessee's counsel submission that since the tax payable by the assessee as per the provisions of the Income Tax Act, whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issioner of Income Tax (A). Considering the above, Ld. Commissioner of Income Tax (A) held that in the year under appeal as well, when the assessee filed its return of income, the retrospective amendment to section 115JB, regarding the claim in respect of bad and doubtful debts, was not on the statute. Ld. Commissioner of Income Tax (A) further held that no wrong or malafide claim can be said to h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -07 & 2007-08. For A.Y. 2007-08 Tribunal had noted that for A.Y. 2006-07 the matter had traveled to the Hon'ble High Court and the Hon'ble High Court had confirmed the deletion of penalty by observing as under:- "CIT(Appeals) and the tribunal have deleted the said penalty observing that the position became clear when the retrospective amendment was made w.e.f. 1.4.2001 vide Finance (No. 2) Act, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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