2019 (3) TMI 264

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....venue : Ms. Rinku Singh, Sr.DR ORDER PER SUDHANSHU SRIVASTAVA, J.M.: This appeal is preferred by the department against order dated 27.10.2015 passed by the Ld. CIT (Appeals)-16, New Delhi wherein, vide the impugned order, the Ld. CIT (Appeals) has deleted the penalty of Rs. 29,89,941/- imposed u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter called 'the Act') for assessment year 20....

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....unit. Since the cost of generation was Rs. 4.56 per unit, which was more than the market value taken by the Assessing Officer, no deduction under section 80IA of the Act was allowed. On appeal, the Ld. CIT (Appeals) upheld the disallowance and on further appeal, the ITAT also upheld the disallowance of deduction. Subsequently, penalty of Rs. 29,89,941/- was imposed by the Assessing Officer. The Ld....

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....80IA of the Income Tax Act, 1961 for violation of sub section (8)"? 3.1 The Ld. Authorised Representative submitted that in view of judgment of the Hon'ble Delhi High Court in the case of CIT vs. Liquid Investment & Trading Company in ITA no. 240/2009, no penalty was leviable as the issue on which the penalty had been levied was a debatable issue. It was prayed that the order of the Ld. CIT (Ap....

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.... Co [91 ITR 467] CIT vs. India Seafood [105 ITR 467]. 4.1 It was prayed the order of the Ld. CIT (Appeals) deserved to be set aside and the order of the AO imposing the penalty restore. 5. We have heard the rival submissions and have also perused the material on record. Undisputedly, this is a case where the penalty levied pertains to an issue in respect of which the Hon'ble Delhi High Court....