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TMI Blog2018 (12) TMI 703X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Tribunal with respect to the quantum additions has become final. If that be so, obviously the penalty in relation to such additions cannot be sustained. Revenue stated that the order of the High Court dated 16th March, 2017 refers only to the additions under Section 80(9). There were other additions in the same assessment year 2007-08. If that be so, the rest of the issues do not even ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellant. Mr. Nishit Gandhi for the Respondent. P.C.: 1. The Revenue has filed this appeal against the judgment of Income Tax Appellate Tribunal dated 31st August, 2015. 2. Following questions of law have been presented for our consideration: i. Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal is justified in upholding the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) deleting penalty of ₹ 2,95,21,638/levied under Section 271(1)(c) on account of interest income, foreign exchange gain and miscellaneous income totaling to ₹ 8,77,05,401/considered by AO as ineligible for deduction under Section 80IB(9) of the Act? 3. As can be seen from the questions, the issue pertains to penalty under Section 271(1)(c) of the Income Tax Act. 4. The Revenue& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the order of the High Court dated 16th March, 2017 refers only to the additions under Section 80(9) of the Act. There were other additions in the same assessment year 2007-08. If that be so, the rest of the issues do not even appear to have been challenged by the Revenue in the said appeal. Even on that ground no further penalty can be sustained. We also notice that the Revenue is contestin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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