S. 271(1)(c) Admission of quantum appeal by HC shows that issue is debatable

Advertisement High Court of Delhi Commissioner of Income Tax versus Liquid Investment And Trading Co. Appeal No. ITA 240/2009 Date of Pronouncement – 05.10.2010 Both the CIT(A) as well as the ITAT have set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961 on the ground that the issue of deduction under Section 14A of the Act was a debatable issue. We may also note that against the quantum assessment where under deduction under Section 14A of the Act was prescribed to the assessee, the assessee has preferred an appeal in this Court ...