Commissioner of Income-tax-XVIII, Delhi v. Bank of Nova Scotia
|Commissioner of Income-tax-XVIII, Delhi
|Bank of Nova Scotia
|Date of Order
|substantial question of law • compensatory interest
|The short issue pertains to the assessment of penalty under Section 271-C of the Income Tax Act, 1961. Against the order of Assessing Officer, the respondent took up the matter in appeal and the Commissioner of Income Tax deleted the levy of penalty. The Income Tax Appellate Tribunal vide order dated 31.03.2006 entered the following findings: 11.We have carefully considered the rival submissions. In the instant case we are not dealing with collection of tax u/s 201(1) or compensatory interest u/s 201(1A). Respectfully following the aforesaid judgments of Hon'ble Delhi High Court and the decision of the ITAT, Delhi in the case of Television Eighteen India Ltd., we allow the assessee's appeal and cancel the penalty as levied u/s 271-C. 3. Being aggrieved, the Revenue took up the matter before the High Court of Delhi against the order of the Income Tax Appellate Tribunal. On facts, we are convinced that there is no substantial question of law, the facts and law having properly and correctly been assessed and approached by the Commissioner of Income Tax as well as by the Income Tax Appellate Tribunal.