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2017 (4) TMI 661 - MADRAS HIGH COURTPenalty levied under section 271 (1)(c) - income from other sources - Held that:- Tibunal's conclusion with regard to the treatment of interest income cannot be found fault with. The reason for the same is that not only was the issue debatable, but also there was no attempt to either conceal the particulars of the said income, or, to furnish inaccurate particulars as alleged or at all. That the issue is debatable is also apparent upon reading of the judgement in the matter of Indian Oil Panipat Power consortium Limited, New Delhi V. Income Tax Officer, (2009 (2) TMI 32 - DELHI HIGH COURT). Loss returned by the Assessee is concerned, to our minds, that aspect of the matter needs re-examination by the Tribunal, as there is no discussion qua that aspect of the matter. As to whether the Assessee was entitled to book losses, when commercial production had not commenced, though, business had been set up - was an issue, which had to be examined, in the light of the facts obtaining in the matter and the judgements on the point, including the judgements rendered in CIT V. Samsung India Electronics Limited, (2013 (7) TMI 335 - DELHI HIGH COURT) and CIT V. ESPN Software India Private Limited, (2008 (3) TMI 90 - DELHI HIGH COURT). The Tribunal should have held one way or the other as to whether, the issue was debatable; an aspect which has not been satisfactorily dealt with by the Tribunal. Matter remanded back to the Tribunal - Appeal partially allowed.
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