2013 (10) TMI 1220

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....the tax case (Appeal) for the assessment 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 ap....

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....offer the amount as income for the purpose of 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 p....

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....he question of addition made in respect of written 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 deduct....

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.... by this, the Revenue has filed the present tax case (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 ....