2018 (3) TMI 528

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....ir Mistri, Sr. Counsel a/w Mr. Atul Jasani for the applicant Mr. Tejveer Singh for the respondent ORDER P. C. 1. These Notices of Motion have been taken out in pending appeals filed under Section 260A of the Income Tax Act, 1961 (Act). These appeals are from a common order dated 7th August, 2015 passed by the Income Tax Appellate Tribunal (Tribunal) relating to Assessment Years 1997-98....

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....d 1999-2000. We have heard the parties and the three appeals are admitted on the following substantial questions of law : (a) Whether on the fats and in the circumstances of the case and in law, the Tribunal was justified in confirming the penalty of Rs. 2,11,42,490/levied under Section 271(1)(c) of the Act ? (b) Whether on the facts and in the circumstances of the case and in la....

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....rom 1997-98 to 1999-2000 to the extent it relates to confirmation of penalty on denial of exemption to interest income under Section 10B of the Act. We find that the issue arising in these appeals is covered in favour of the assessee by the full bench decision of Karnataka High Court in Commissioner of Income Tax Vs. Hewlett Packard Global Soft Ltd. 87 taxmann.com 182. Moreover, we find that for s....