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The Tribunal after noting the case of the assessee that it had already paid the tax and interest u/s. 201(1) and (1A) so as to end the dispute with Revenue deleted the penalty levied u/s. 271C following the decision of Delhi High Court in CIT vs. Itochu Corporation [2004] 268 ITR 172 (Del) and CIT vs. Mitsui and Co. Ltd. [2005] 272 ITR 545 (Del).
The High Court rejected the appeal of the Revenue on the ground that no substantial question of law, arose in the matter.
On further appeal, Supreme Court dismissed the appeal of the Revenue holding that there was no substantial question of law, the facts and law having properly and correctly been assessed and appreciated by the Commissioner of Income-tax (Appeals) as well as by the Income- Tax Appellate Tribunal.
