2013 (10) TMI 1220

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....t year 2007-08 on the following substantial question of law :          "Whether, on the facts and in the circumstances of the case, the Tribunal has right in upholding the order of the Commissioner of Income-tax (Appeals) deleting the penalty under section 271(1)(c) ?"   The Tribunal rejected the Revenue's appeal following the decision of the apex cou....

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.... assessment. Thus, he considered it as a fit case for levying penalty. Aggrieved by this, the assessee went on appeal before the Commissioner of Income-tax (Appeals). The first appellate authority pointed out that the assessee explained the circumstances under which it made its claim and subsequently offered the said amount for assessment for avoiding protracted litigation and buying peace with th....

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....ten off of sundry balance was considered in the quantum appeal by the assessee and the other two issues regarding contribution to the trust fund and provision for diminution in value of investments were based on the decision reported in S. A. Builders Ltd. v. CIT (Appeals) [2007] 288 ITR 1 (SC). The Tribunal pointed out that though the claim on deduction made by the assessee might not be admissibl....

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....ase (appeal).   Learned standing counsel appearing for the Revenue placed reliance on the decision of the Delhi High Court reported in CIT v. Zoom Communication P. Ltd. [2010] 327 ITR 510 (Delhi). We do not find that the decision would be of any assistance to the Revenue. The Delhi High Court reiterated the principle of law as enunciated in the decision reported in CITv. Reliance Petro Produ....