2012 (12) TMI 1208

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.... This appeal is directed against the order pas sed by the Ld. Commissioner of Income Tax(A), Chandigarh dated 28.7.2012. 2. In this appeal the revenue has challenged the order of the ld. CIT(A) for deleting the penalty u/ s 271(1) (c) of the Act amounting to ₹ 12,03,242/ - by holding that denial of deduct ion u/s 80P(2) (d) of the Act is debatable. 3 After considering the rival submiss ion....

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....on confirmed by the High Court shows that the issue was debatable, therefore, the penalty was not leviable. In this connection, he relied on the decision of Hon'ble Punjab & Haryana High Court in case of CIT V. Buddhewal Coop Sugar Mills, 312 ITR 92 (PH). 6 We have heard the rivalsubmissions carefully and find that it is not disputed that originally the disallowance was deleted by the Tribuna....