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2014 (3) TMI 1174 - DELHI HIGH COURTPenalty u/s 271(1)(c) - exemption from tax under Section 10A denied - HELD THAT:- AO took the view that no exemption can be given to the Noida unit in respect of the interest income and also initiated proceedings for the levy of penalty for both the years under Section 271(1)(c) of the Act for concealment of income. The penalties were confirmed by the CIT (Appeals). The Tribunal cancelled them on the ground that questions of law have been framed by this Court in the appeals filed by the assessee in the assessment proceedings, which indicated that the issue was debatable. Tribunal after considering these circumstances and relying upon CIT vs. HB Leasing and Finance Co. Ltd [2011 (2) TMI 434 - DELHI HIGH COURT] where this Court held that when a question of law is framed in respect of the issue, the matter can be said to be debatable so far as the application of Section 271(1)(c) is concerned, held that the penalties were not warranted.
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