TMI Blog2019 (4) TMI 2140X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court has admitted the appeal on quantum addition by framing substantial question of law for consideration, ignoring all other material facts considered for levying the penalty - HELD THAT:- Firstly, it is undisputed that the assessee had made full disclosure of income and the particulars of income. The assessee had made bonafide claim of depreciation on lease assets. Whether such claim ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : - Whether on the facts and circumstances of the case and in law, the Tribunal was right in deleting the penalty levied under Section 271(1) (c) of the I.T. Act, 1961 holding the issue as debatable merely for the reason that the High Court has admitted the appeal on quantum addition by framing substantial question of law for consideration, ignoring all other material facts considered for lev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n on leased assets. Such claim was backed by the material on record. The Assessing Officer did not agree with the assessee and disallowed the claim. Learned counsel for the assessee would correctly point out that the issue requires resolution by the special bench of the Tribunal. Even against the said judgment of the Tribunal, the appeal has been entertained by the High Court. 4. For several ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
