Penalties Cancelled for Assessee, Appeals Allowed, Revenue Appeals Dismissed

The penalties imposed on the assessee for the assessment years 1965-66 to 1971-72 were canceled by the Appellate Tribunal ITAT Gauhati due to assessments being canceled by the WTO based on CBDT instructions and a Supreme Court decision. The appeals of the assessee were allowed, while the appeals of the Revenue were dismissed.

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The Appellate Tribunal ITAT Gauhati canceled penalties imposed on the assessee for the asst. yrs. 1965-66 to 1971-72 due to assessments being canceled by the WTO based on CBDT instructions and a Supreme Court decision. The appeals of the assessee are allowed, while the appeals of the Revenue are dismissed. (Case citation: 1977 (12) TMI 50 - ITAT GAUHATI)

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