2009 (11) TMI 954

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....oth in the eyes of law and on facts. 2. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in ignoring the contention of the appellant that no penalty is leviable as the appellant has disclosed all facts in the return filed by the appellant and as such there is neither concealment nor furnishing inaccurate particulars of income. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law, in rejecting the contention of the assessee that the penalty for concealment cannot be levied, as the disallowance made arises out of a controversial and debatable issue in view of varied decisions given by different Courts. 4. On the facts ....

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....tion as to whether under s. 80-IB deduction is allowable on export incentive has been a question of debate. She contended that Delhi Benches of Tribunal, have been taking a consistent view that on such claim penalty under s. 271(1)(c) is not applicable. For reference she relied upon the decision of Delhi Benches, dt. 2nd April, 2009 in the case of Oriental Drugs Company vs. Asstt. CIT (ITA Nos. 3629 & 3630/Del/2008 and others), a copy of which has been placed on record. She also relied upon various other decisions. However, for the sake of brevity as almost all the decisions have been considered by the Division Bench for deciding a similar issue, we are not referring to them. 5. On the other hand, learned Departmental Representative reli....

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....t incentive was altogether baseless. In the assessment order itself reference has been made by the assessee to the following decisions to contend that such claim of the assessee is allowable : (i) Ahmedabad Manufacturing & Calico Printing Co. Ltd. vs. CIT (1981) 25 CTR (Guj) 263 : (1982) 137 ITR 616 (Guj); (ii) Gwalior Rayon Silk Mfg. (Wvg.) Co. Ltd. vs. CIT (1983) 37 CTR (MP) 232: (1983) 143 ITR 590(MP). 7. However, relying on the decision of Hon'ble Supreme Court in the case of CIT vs. Sterling Foods (supra), the AO disallowed the claim of the assessee. We find that even after pronouncement of the decision in the case of Liberty India vs. CIT (supra) by the Hon'ble Punjab & Haryana High Court, Hon'ble Delh....