2018 (12) TMI 703

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....dent.   P.C.: 1. The Revenue has filed this appeal against the judgment of Income Tax Appellate Tribunal dated 31st August, 2015. 2. Following questions of law have been presented for our consideration: "i. Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal is justified in upholding the order of CIT (A) deleting penalty levied under Sectio....

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....1)(c) on account of interest income, foreign exchange gain and miscellaneous income totaling to Rs. 8,77,05,401/considered by AO as ineligible for deduction under Section 80IB(9) of the Act?" 3. As can be seen from the questions, the issue pertains to penalty under Section 271(1)(c) of the Income Tax Act. 4. The Revenue's main objection to the deletion of the penalty is that the quantum ....

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....e additions under Section 80(9) of the Act. There were other additions in the same assessment year 2007-08. If that be so, the rest of the issues do not even appear to have been challenged by the Revenue in the said appeal. Even on that ground no further penalty can be sustained. We also notice that the Revenue is contesting the deletion of penalty of Rs. 2,95,21,638/on account of interest inco....