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2016 (7) TMI 405 - BOMBAY HIGH COURT

2016 (7) TMI 405 - BOMBAY HIGH COURT - TMI - Penalty levied u/s. 271 (1)(c) - Held that:- No penalty is imposable as in quantum appeal, the Respondent-Assessee had succeeded. - Decided in favour of assessee - Income Tax Appeal No. 162 of 2014 - Dated:- 28-6-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mrs. S. V. Bharucha, for the Appellant Mr. A. K. Jasani, for the Respondent ORDER P. C. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 10th May, 201 .....

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of the ITAT in deleting the quantum addition has not been accepted by the Department and appeal u/s. 260A of Income Tax Act is preferred, which is pending for hearing and final disposal? (b) Whether on the facts and in the circumstance of the case and in law, the Tribunal was right in deleting the penalty levied u/s. 271 (1)(c) of the Income Tax Act by observing that since the computation of income was made u/s. 115JB penalty cannot be levied in respect of additions made under the normal provis .....

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