2013 (12) TMI 365

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....: C.S.C., Income Tax ORDER By means of the present writ petition the petitioner has prayed for a writ, order or direction in the nature of mandamus directing the respondents to stay the demand of Rs. 12.53 crores for the assessment year 2003-04 arising out of the penalty levied under Section 271 (1)(C) of Income Tax Act, till the disposal of the appeal pending before CIT(A). From the docu....

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....ower to grant interim relief. The said writ petition was disposed of by the judgment and order dated 2.3.2012 directing the Commissioner of Income Tax (Appeals) to pass appropriate orders in accordance with law on the petitioner's application for grant of interim relief within a week from the date of filing of a certified copy of this order before him. In pursuance of the aforesaid direction, the ....

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....Section 271 (1) (C) of the Income Tax Act could be levied. This, according to him, is not a case of any concealment of the particulars of income. All the facts were disclosed in documents and return of income. Whether, the sales tax subsidy is revenue receipt or capital receipt, was in issue. Elaborating his arguments he submits that since the issue involved in the present case is debatable, hence....

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.... his mind to the facts of the case and granted substantial relief to the petitioner. It is not a case of any financial hardship to the petitioner and this Court should not interfere in the present matter in exercise of its jurisdiction under Article 226 of the Constitution of India. We have considered the submissions of learned counsel for the parties and perused the record. Whether any penalty....