2009 (10) TMI 14

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.... Heard Mr. D. D. Chopra, learned Counsel for the appellant and Mr. R. A. Shankdhar for the assessee. In nutshell, the case of the appellant is that the respondent is a State Public Sector Undertaking engaged in the business of civil construction work in India and abroad. The respondent filed return on 26.12.1989 showing loss of Rs.4,11,01,692/- which was subsequently revised on 9.12.1991 with ....

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....g substantial questions of law:- (1) Whether under the facts and circumstances of the csae the learned Income Tax Appellate Tribunal was right in law in deleting the penalty imposed u/s 271 (1) (c) of the Income Tax Act, 1961 by holding that the imposition of penalty against the addition on the account of Exchange Variation Reserve was not eligible as the issue, as such, was 'debatable' one. ....

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....jasthan High Court has held that affirming the decision of the Appellate Tribunal that no penalty was leviable in view of the finding of the Tribunal that when the assessee has claimed deduction of an amount that was debatable it could not be said that the assessee had concealed any income or furnished inaccurate particulars for evasion of tax, and, in view of the findings of the Tribunal, no case....