2017 (4) TMI 59

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....he Respondent : Mr. V.P. Gupta, Advocate ORDER The Revenue is aggrieved by an order of the Income Tax Appellate Tribunal ("ITAT") which affirmed the findings of the Appellate Commissioner on the question of penalty imposed upon the assessee on two counts. It is contended that having regard to the mandatory nature of the obligation imposed upon the assessee not only to disclose the material f....

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....to the circumstances that Rule 8D was applicable from the assessment years in question, i.e., AY 2008-09 and further unsettled the position of law having regard to the judgments of the Court, the assessee could not be faulted. Learned counsel contends that regardless of the interpretation of Rule 8D, the primary obligation to make disallowance lay upon the assessee by virtue of Section 14A. With r....

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....iance Petro Products P Ltd., reported in 322 ITR 158 (SC), relied upon by the Ld. CIT (A) while deleting the penalty in dispute, we are of the view that the Ld. First Appellate Authority has passed a well reasoned order, because the assessee has paid taxes on the issue of disallowance u/s. 14A and assessee has not concealed the facts nor any inaccurate particulars filed. We find that the AO had ma....