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TMI Blog2017 (6) TMI 1050X X X X Extracts X X X X X X X X Extracts X X X X ..... claims. The same has been appreciated by the CIT(A) and the Tribunal after considering the entire material on record. In the facts of the present case, the Tribunal has rightly relied on the judgment in the case of Commissioner of Income Tax Vs. Reliance Petro Products (P) Ltd., (2010 (3) TMI 80 - SUPREME COURT). No substantial questions of law arise. - Income Tax Appeal No. 667 of 2014 - - - Da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 271(1)(c) of the Act? (b) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified deleting penalty imposed u/s 271(1)(c) without appreciating the fact that the quantum additions were sustained both by the CIT(A) and the Tribunal itself ? (c) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case of Reliance Petro Products (P) Ltd. (322 ITR 156) without appreciating the fact that the facts of the instant case are distinguishable from the case of Reliance Petro Products (P) Ltd.? (f) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in deleting the penalty imposed u/s 271(1)(c) by not appreciating the ratio of decision of Hon'bl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Counsel for the appellant so also gone through the orders passed by the Authorities and the Tribunal. It has been observed that in fact, the loss on Information Service Division was subsequently allowed by the Assessing Officer in the consequential orders. Therefore, the major amount itself does not call for penalty. The balance three amounts are bona fide claims. The same has been appreci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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