2013 (9) TMI 1097

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....R D E R PER DR. S.T.M. PAVALAN, JM: These cross appeals filed by the assessee and revenue are directed against the order of the Ld.CIT(A)-16, Mumbai dated 13.05.2010 partly confirming the penalty levied by the AO u/s 271 (1)(C) of the Income Tax Act on account of various disallowances/additions made in the assessment framed u/s 143(3) of the Act in for the assessment year 2003-04. Both the app....

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....sis that the issue is debatable and accordingly, no penalty is imposable u/s 271(1)(c) of Act. The Hon'ble Delhi High Court in CIT v. Liquid Investment & Trading Co. [in ITA No.240/2009] vide its judgment dated 5.10.2010 has held that an issue becomes debatable on the admission of substantial question of law against the Tribunal order by the High Court. In such a case also penalty has been held to....