2010 (8) TMI 121

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....ed return on 01.10.2004. The Income Tax Officer passed assessment order on 27.10.2005 accepting the revised return. However, he also issued notice for penalty under Section 271 (1) (c) of the Income Tax Act (Act). 2. The petitioner filed an application for waiver of penalty under Section 273-A of the Act on 10.02.2006. On this application a report form the Assessing Officer was called for. Subs....

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....id.' 5.The aforesaid report of the assessing officer was in favour of the petitioner. It indicates that the condition mentioned in section 273-A (1) (b) for waiving the penalty were satisfied yet the application was rejected on the observation of the CCIT that it was not a fit case for waiver of penalty. However no reasons have been indicated as to why the CCIT did not consider it to be fit cas....