2010 (7) TMI 849

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....2. ITA No.16 of 2010 has been preferred under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 11.5.2009 passed by the Income Tax Appellate Tribunal, Delhi Bench 'B', New Delhi in ITA No.281/Del of 2008 for the Assessment Year 1998-99, proposing the following substantial questions of law; (i)Whether on the facts and in the circumstances of the case, the ITAT was right in law in confirming the order of the learned CIT (A) in deleting the penalty of Rs.11,41,889/-levied by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961 in view of judgment of Apex Court as the entire controversy on the year of taxability of enhanced compensation and interest thereon has now come to rest with....

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....learned CIT(A) in the light of Hon'ble Supreme Court's decision in the case of Commissioner of Income Tax, Faridabad Vs. Ghanshayam (HUF) reported in (2009) 315 ITR 1 which overruled the decision of Punjab & Haryana High Court on which the learned ITAT had relied upon and the department had restrained itself not on merits of the case but on the basis of the appeal having less tax effect than the monetary limit allowed for filing on SLP to the Hon'ble Supreme Court ? 3. In the course of assessment, the Assessing Officer was of the view that the assessee had concealed particulars of income in respect of enhanced compensation received by the assessee for acquisition of his land under the provisions of Land Acquisition Act, 1894. On these ba....