https://www.taxtmi.com/caselaws?id=179458 The ITAT allowed the assessee's appeal and dismissed the Revenue's appeal regarding penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04. The penalty was deleted as the issue involving substantial questions of law was admitted by the High Court, following precedents that when an issue is debatable and involves substantial questions of law, no penalty is imposable. The decision emphasizes the significance of legal precedents and the role of higher courts in adjudicating tax matters with complex legal issues. en-us Wed, 04 Sep 2013 00:00:00 +0530 Mon, 28 Nov 2016 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179458 The ITAT allowed the assessee's appeal and dismissed the Revenue's appeal regarding penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04. The penalty was deleted as the issue involving substantial questions of law was admitted by the High Court, following precedents that when an issue is debatable and involves substantial questions of law, no penalty is imposable. The decision emphasizes the significance of legal precedents and the role of higher courts in adjudicating tax matters with complex legal issues. Case-Laws Income Tax Wed, 04 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179458