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2016 (10) TMI 631 - BOMBAY HIGH COURT

2016 (10) TMI 631 - BOMBAY HIGH COURT - TMI - Penalty levied u/s 271(1)(c) - concealment of particulars of income - Held that:- None of the Authorities under the Act have held that there was any concealment of particulars of income or that the details supplied by the respondent assessee were incorrect / erroneous / false while making a claim of a revenue expenditure while making a payment to National Pharmaceutical Pricing Authority. The Apex Court in Commissioner of Income Tax Vs. Reliance Petr .....

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ts of the claim made in quantum proceedings is debatable. This is evident from the fact that the Tribunal in quantum proceedings upheld the claim made by the respondent assessee. - Decided in favour of assessee - Income Tax Appeal No. 605 of 2014 - Dated:- 5-10-2016 - M. S. Sanklecha And G. S. Kulkarni, JJ. Mr. Suresh Kumar i/b Ms. Samiksha Kanani for the appellant Mr. Subhash Shetty for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges .....

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hority was penal in nature and the assessee had claimed it as revenue in nature? 2. The impugned order dated 28th June, 2013 of the Tribunal while dismissing the Revenue's Appeal from Order dated 24th February, 2012 of the Commissioner of Income Tax (Appeals) [CIT(A)] upheld the deletion of penalty imposed by the Assessing Officer under Section 271(1)(c) of the Act. The basis of the impugned order was that in quantum proceedings, it upheld the stand of the respondent assessee that the paymen .....

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