2014 (3) TMI 1174

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....unsel For the Respondent : Mr. Salil Aggarwal with Mr. Ravi Pratap, Advocates. ORDER The revenue claims to be aggrieved by a common order of the ITAT for assessment years 1993-94 and 1994-95. It deleted the imposition of penalty upon the assessee. The assessee claimed interest deduction of Rs. 79,44,830/- and Rs. 1,02,82,883/- for the assessment years 1993-94 and 1994-95 respectively, ....

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.... 28.02.2011, where this Court held that when a question of law is framed in respect of the issue, the matter can be said to be debatable so far as the application of Section 271(1)(c) is concerned, held that the penalties were not warranted. It also noticed that this Court had directed the penalty to be deleted in Commissioner of Income Tax vs. Liquid Investment and Trading Co., ITA No.240/2009 de....