2010 (10) TMI 98

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..... me Court against the respondent-assessee - Held that: - expenses were debatable on the date the respondent-assessee filed its return - no penalty can be levied - appeal is dismissed - 1508/2010 - - - Dated:- 1-10-2010 - CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE MANMOHAN Mr. Sanjeev Sabharwal, Advocate Mr. Ajay Vohra, Advocate with Ms. Kavita Jha, Advocate MANMOHA .....

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..... d filed its return of income for the relevant assessment year much prior to the issuance being finally settled by this Court and the Supreme Court against the respondent-assessee. 4. Consequently, as the said expenses were debatable on the date the respondent-assessee filed its return, we are of the opinion that no penalty can be levied [see Malabar Industrial Co. Ltd. Vs. CIT (2000) 243 ITR 83 .....

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