TaxTMI 
TaxTMI 
2019 (3) TMI 989
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....eal filed by revenue is directed against the order of Commissioner of Income Tax-52 [hereinafter referred to as the ld CITA], Mumbai dated 06/03/2017 for A.Y.2009-10 in the matter of imposition of penalty u/s.271(1)(c) of the Income Tax Act, 1961. 2. The only issue to be decided in this appeal is as to whether the Ld. CIT(A) was justified in deleting the penalty levied u/s.271(1)(c) of the Act in....
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....ve. Accordingly, grounds No.1 & 2 raised by the revenue are dismissed. 5. Ground No.3 raised by the revenue is with regard to deletion of penalty by the Ld. CIT(A) on the addition made towards deemed rental income of Rs. 67,20,000/-. 6. Brief facts of this issue are that the assessee was gifted a Villa in Dubai by Nakheel PJSE and possession was received by the assessee in 2008. The Ld. AO estim....
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....09-10 reported in 164 ITD 18 had held that the income from Dubai Villa is liable to be taxed in India and whatever taxes that may have been levied in other contracting state, the credit thereof is required to be allowed to the assessee as per law. The Ld. AO levied penalty on this addition and which was deleted by the Ld. CIT(A). 8. Aggrieved, the revenue is in appeal before us. 9. We have heard....