2010 (8) TMI 1048

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... or the assessee. The present appeal preferred under Section 260A of the Income Tax Act, 1961 (for brevity ?the Act?) is admitted on the following substantial question of law: Whether the Income Tax Appellate Tribunal is justified in deleting the penalty of ₹ 17,84,593/- imposed by the assessing officer under Section 271(1)(c) on the ground that the assessee has not concealed its part .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ore, the benefit should go in favour of the assessee. Grieved by the aforesaid order, the revenue preferred an appeal before the tribunal. The tribunal referred to the order passed by the first appellate authority and noted the decision rendered in Mimosa Investment Co. (P) Ltd. v. ITO, 28 SOT 470 (Mumbai) and expressed the view that the issue of disallowance under Section 14A has been the subj .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... count of this holding is incidental. It is urged by him that the assessee has preferred an appeal against the determination of quantum and if the said finding remains intact in this appeal, the revenue may face difficulties in the quantum appeal. At this juncture, Mr. Vohra, learned counsel for the assessee, submitted that the said aspects were in the realm of submission of the assessee. Mr.Sanjee .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X