2015 (6) TMI 1115

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....ccountant Member) These are the appeals filed by the revenue against the order of CIT(A) for assessment years 2004-05 & 2006-07 to 2008-09, in the matter of penalty imposed u/s.271(1)(c) of the Act. 2. Common grounds have been taken in all the years, therefore, for the sake of brevity, all the appeals are heard together and are now decided by this consolidated order. 3. Rival contentions ....

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....2-6-2012 for the assessment year 2005-06. The penalty imposed in all these years under consideration on account of raw material purchases was deleted by following the order of Tribunal deleting the penalty in assessment year 2005-06 with reference to the similar additions so made. 5. In the assessment year 2006-07, 2007-08 and 2008-09, the CIT(A) deleted the penalty by observing that the Tribun....

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....ntum proceedings, the penalty order passed with respect to such addition has no legs to stand. With respect to the addition made on account of raw material purchases, interest income on bank deposit/staff loan, the Tribunal has deleted the penalty after observing that penalty is not leviable in respect of disallowance u/s.80IB of the Act on account of raw material purchases as it is merely a claim....