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2016 (7) TMI 61 - BOMBAY HIGH COURT

2016 (7) TMI 61 - BOMBAY HIGH COURT - TMI - Penalty levied under Section 271 (1)(c) - difference between the amount paid in advance as the net present value of the actual sales tax liability and the actual liability - Held that:- the Tribunal was justified in deleting the penalty levied under Section 271 (1)(c) on the amount being the difference between the amount paid in advance as the net present value of the actual sales tax liability and the actual liability, based on the fact that the Tribu .....

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e Appellant : Mr. A.R. Malhotra with Mr. N. A. Kazi For the Respondent : Mr. R. Murlidharan with B.G. Yewale i/b Rajesh Shah & Co. ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 10th June, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 200304. 2. This appeal raises the following questions of law for our consideration : (i) Whether on the facts and in the circu .....

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s justified deleting the penalty levied under Section 271(1)(c) on the disallowed claim under Section 80M on the basis of the fact that this quantum disallowance was deleted by the Hon'ble Tribunal but which decision of the Hon'ble Tribunal has not been accepted by the Revenue ? 3. Regarding question no.(i) : (a) As it is evident from the question, the impugned order of the Tribunal deleted the penalty imposed under Section 271(1)(c) of the Act by having followed its earlier order dated .....

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