2011 (3) TMI 46

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..... nly debatable - In such circumstances penalty cannot be levied u/s 271(1)© as has been held in several cases - The admission of substantial question of law by the Hon’ble High Court lends credence to the bona fides of the assessee in claiming deduction - Decided in favour of assessee - ITA No.2379/Mum/2009 : - - - Dated:- 18-3-2011 - Shri R.S.Syal, Smt.Asha Vijayaraghavan, JJ. Appellant b .....

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..... placed on record the judgement of the Hon ble jurisdictional High Court in Income Tax Appeal No.2368 of 2009 admitting inter alia the following two questions:- Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the deposit Rs.1,04,76,050/- received from Spectrum is exigible to tax in the Assessment Year 1997-98? Whether on the facts .....

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..... e to the bona fides of the assessee in claiming deduction. Once it turns out that the claim of the assessee could have been considered for deduction as per a person properly instructed in law and is not completely debarred at all, the mere fact of confirmation of disallowance would not per se lead to the imposition of penalty. Since the additions, in respect of which penalty has been upheld in the .....

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