2019 (1) TMI 1394

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.... P.C.: 1. Both these appeals arise from the common order dated 21.8.2015 passed by the Income Tax Appellate Tribunal ("the Tribunal" for short). The common impugned order allowed the respondent - assessee's appeal by deleting penalty under Section 271(1)(c) of the Income Tax Act, 1961 ("the Act" for short) in respect of assessment years 2000-01 and 2002-03. Thus, these two appeals. ....

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....f Rs. 15.95 lacs as revenue expenditure on account of foreign exchange fluctuation. This claim of the respondent was disallowed in the assessment proceedings. Thereafter, penalty proceedings under Section 271(1)(c) of the Act was initiated and the Assessing Officer by order dated 29.3.2010 imposed penalty of Rs. 4.91 lacs. 5. In appeal, the Commissioner of Income Tax (Appeals) ["CIT(A)" for sho....

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....upon the decision of the Apex Court in the case of CIT Vs. Reliance Petro Products Ltd. 322 ITR 158, the Tribunal allowed the respondent's appeal. 7. We find that the impugned order of the Tribunal has on facts found that there was no suppression of facts and all particulars of its income were disclosed by the respondent in its regular assessment proceedings. Thus, merely disallowance of cl....