9911796707
TMI Blog2019 (4) TMI 1581X X X X Extracts X X X X X X X X Extracts X X X X ..... MENT DR.VINEET KOTHARI, J. These Appeals have been filed by the Revenue under Section 260-A of the Income Tax Act by raising the following purported substantial questions of law arising from the order passed by the Income Tax Appellate Tribunal on 4.1.2008 dismissing the Revenue's Appeal for the Assessment Year 1999-2000, 2000-2001 and 2002-2003:- "T.C.A.Nos.1555 to 1557/2008: i) Whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 271(1)(c) of the Act. 3. The findings of the learned Tribunal in the said order with regard to disallowance under Section 14A of the Act and penalty which were set aside by the first Appellate Authority are quoted below for ready reference:- "4.1. The appellant also submitted that there is no case for levy of penalty, in view of the very nature of the issue being debatable as to whether or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed all the relevant materials. I have, by my order in ITA.No.619/2005- 06/A.III dated 19.10.2006 deleted the entire addition made in the assessment and therefore, the impugned penalty arising from the said addition also stands deleted. I, therefore, direct the Assessing Officer to delete the penalty of Rs. 1,63,72,145/- levied under Section 271(1)(c)." 4. Having heard the learned counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of facts are, therefore, binding on High Court under Section 260A of the Income Tax Act. 6. The penalty under Section 271(1)(c) of the Act was imposed as a consequential of the said addition by the Assessing Authority which has been rightly set aside by both the Appellate Authorities. 7. Accordingly, we do not find any merit in the present Appeals filed by the Revenue and the same are liable to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
