2016 (1) TMI 583

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....udhary, Adv., Mr. Jitin Singhal, Adv., Mr. Rupesh Kumar, Adv., Ms. Anil Katiyar, Adv. And Mr. B. V. Balaram Das,Adv. For the Respondent : Mr. Jagjit Singh Chhabra,Adv. And Mr. Saksham Maheshwari, Adv. ORDER KURIAN, J. 1. The short issue pertains to the assessment of penalty under Section 271-C of the Income Tax Act, 1961. Against the order of Assessing Officer, the respondent took up t....

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....ed levy of penalty u/s 271-C in the cae of M/s. Itochu Corporation, reported in 268 ITR 172 (Del) and in the case of CIT Vs. Mitsui & Company Ltd. reported in 272 ITR 545. Respectfully following the aforesaid judgments of Hon'ble Delhi High Court and the decision of the ITAT, Delhi in the case of Television Eighteen India Ltd., we allow the assessee's appeal and cancel the penalty as levie....