Case Law Details
Case Name : Nayan Builders & Developers Pvt Ltd Vs. ITO (ITAT Mumbai)
Related Assessment Year : 1997- 98
Courts :
All ITAT ITAT Mumbai
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Nayan Builders & Developers Pvt Ltd Vs. ITO (ITAT Mumbai)
When the High Court admits substantial question of law on an addition, it becomes apparent that the addition is certainly debatable. In such circumstances penalty cannot be levied u!s 271(1)(c) as has been held in several cases including Rupam Mercantile Vs. DCIT [(2004) 91 ITD 237 (Ahd) (TM)] and Smt.Ramila Ratilal Shah Vs. ACIT [(1998) 60 TTJ (Ahd) 171].
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