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TMI Blog2014 (9) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... tional High Court in the case of M/s Nayan Builders & Developers Pvt. Ltd. (2014 (7) TMI 1150 - BOMBAY HIGH COURT) wherein it was categorically held that mere admission of appeal by the High Court is sufficient to debar the penalty levied u/s.271(1)(c) of the Act. - ITA No.942/Mum/2012 - - - Dated:- 2-9-2014 - SHRI R.C.SHARMA, AM SHRI AMIT SHUKLA, JM Assessee by : Shri Jayant Bhatt Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d DR relied upon the orders of the authorities below. 4. We have considered rival contentions and found from the record that against the addition so made and confirmed by the Tribunal on account of bad debts amounting to ₹ 74,54,700/-, the Hon ble jurisdictional High Court vide order dated 30-11-2011 has accepted the following substantial question of law :- Whether the Tribunal was ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing the decision of the Hon ble jurisdictional High Court in the case of M/s Nayan Builders Developers Pvt. Ltd.(supra), we direct to delete the penalty so imposed. 5. The Mumbai Bench of the Tribunal in the case of M/s Nayan Builders Developers Pvt Ltd., decided in ITA No.2379/Mum/2009, vide order dated 18-3-2011, held as under :- 3. It is, therefore, abundantly clear that the additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tely 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 present proceedings, have been held by the Hon'ble High Court to be involving a substantial question of law, in our considered opinion, the penalty is not exigible under this section. We, therefore, order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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