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2014 (9) TMI 1143

le High Court, no penalty is leviable. This issue is squarely covered by the decision of Hon’ble jurisdictional High Court in the case of M/s Nayan Builders & Developers Pvt. Ltd. (2014 (7) TMI 1150 - BOMBAY HIGH COURT) wherein it was categorically held that mere admission of appeal by the High Court is sufficient to debar the penalty levied u/s.271(1)(c) of the Act. - ITA No.942/Mum/2012 - Dated: .....

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ition so made, no penalty should be imposed u/s.271(1)(c) of the Act. 3. Learned DR relied upon the orders of the authorities below. 4. We have considered rival contentions and found from the record that against the addition so made and confirmed by the Tribunal on account of bad debts amounting to ₹ 74,54,700/-, the Hon ble jurisdictional High Court vide order dated 30-11-2011 has accepted .....

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e totality of facts and circumstances of the case and respectfully following the decision of the Hon ble jurisdictional High Court in the case of M/s Nayan Builders & Developers Pvt. Ltd.(supra), we direct to delete the penalty so imposed. 5. The Mumbai Bench of the Tribunal in the case of M/s Nayan Builders & Developers Pvt Ltd., decided in ITA No.2379/Mum/2009, vide order dated 18-3-2011 .....

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r deduction as per a person properly instructed in law and is not completely debarred at all, the mere fact of confirmation of disallowance would not per se lead to the imposition of penalty. Since the additions, in respect of which penalty has been upheld in the present proceedings, have been held by the Hon'ble High Court to be involving a substantial question of law, in our considered opini .....

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