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of <h1>Tribunal Decision Upheld: No Penalty under Income Tax Act Section 271(1)(c)</h1> <h3>The Commissioner of Income Tax – 22, Navi Mumbai Versus M/s. Rajesh Builders</h3> The High Court upheld the Tribunal's decision that no penalty was leviable on the respondent-assessee under Section 271(1)(c) of the Income Tax Act. The ... - The appeal by the Revenue challenged the Tribunal's deletion of penalty under Section 271(1)(c) for AY 2004-05, contending that pendency of the Revenue's quantum appeal before the High Court justified reconsideration of penalty. The Tribunal had affirmed the CIT(A)'s finding that profits from sale of a plot were disputed as between capital gains and business income, the facts were not concealed, and 'in the facts of the case two views are possible,' therefore no penalty was imposable. The court reiterated that penalty proceedings are 'independent and separate from quantum proceedings,' and that mere rejection of a claim in quantum does not automatically attract penalty; as the Supreme Court held in Commissioner of Income Tax v. Reliance Petroproducts (322 ITR 158), 'mere rejection of a claim would not lead to imposition of penalty.' Since Revenue advanced no independent ground for penalty beyond its quantum appeal, the proposed question of law was refused and the appeal dismissed.
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