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TMI Blog2009 (11) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... ved by the assessee being a highly debatable issue on which two views are clearly possible and the claim of the assessee in adopting one possible view being bonafide one, no case of penalty u/s 271 (1) (c ) of the Act could be made out - The question is not of taxability but of not paying tax when the issue was debatable. The assessee had arguable case and earlier view was in favour of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the issue of taxability of compensation on agricultural land and interest thereon received by the assessee being a highly debatable issue on which two views are clearly possible and the claim of the assessee in adopting one possible view being bonafide one, no case of penalty u/s 271 (1) (c ) of the Act could be made out, whereas the assessee has not offered for taxation the enhanced compensat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f satisfaction has been arrived and recorded in one form or the other and remanded the matter to the Tribunal. The Tribunal, after considering the merits, set aside the penalty on the ground that issue was debatable and this court in CIT Vs. Sohan Lal (HUF) in ITA No. 582/2007 dated 5.2.2008 had taken the view that in such situation levying of penalty was not called for. 3. We have heard learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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