2014 (7) TMI 1150 - HC - Income Tax

Penalty u/s 271(1)(c) - Held that - The imposition of penalty was found not to be justified and the appeal was allowed. As a proof that the penalty was debatable and arguable issue, the Tribunal referred to the order on the assessee s appeal in quantum proceedings and the substantial questions of law which have been framed therein. We have also perused that order dated September 27, 2010, admitting Income Tax Appeal 2010 (9) TMI 1004 - BOMBAY HIGH COURT . In our view, there was no case made out for imposition of penalty and the same was rightly set aside. - Decided in favour of assessee.

Summary

The High Court of Bombay dismissed the appeal as it did not raise any substantial question of law. The penalty imposed was found unjustified and debatable. The appeal was allowed, and no costs were awarded.