2013 (10) TMI 1176

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..... a, J. The revenue challenges order dated 08.03.2013 passed by the Income Tax Appellate Tribunal on the following questions of law:- "(i) Whether the Hon'ble ITAT was correct in upholding the deletion of penalty imposed u/s 271(1)(c) of the Income Tax Act, 1961 of Rs.19,88,401/-by applying the ratio of Reliance Petro Products Pvt. Ltd.322 ITR 158 while the facts of the case and the questions invo .....

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..... CIT versus Reliance Petro Products Pvt. Ltd.322 ITR 158, is clearly misplaced. We have heard counsel for the appellant and find no reason to hold that any substantial question of law arises for consideration. The Assessing Officer rejected the assessee's claim for deduction under Section 801B and simultaneously imposed penalty. Aggrieved by the said order, the assessee filed an appeal. The Commi .....

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..... x (Appeals) as well as the Income Tax Appellate Tribunal have rightly placed reliance upon a judgment of the Hon'ble Supreme Court in CIT versus Reliance Petro Products Pvt. Ltd.322 ITR 158, wherein, while considering the question of levy of penalty, it was held that the mere fact that an assessee's claim for deduction is not accepted, does not automatically invite penalty. The revenue has not bee .....

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