2010 (9) TMI 141

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....Act,1961 (hereinafter referred to as "Act") challenging the order dated 04th June, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 1591/Del/2009 for the Assessment Year 2001-2002. 2. It is pertinent to mention that in the present case the Tribunal has deleted the penalty imposed by the Assessing Officer (in short, "AO") under Section 271(1)(c) of the Act. So far ....

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....held that the explanation offered by the respondent-assessee was bonafide and genuine. 3. Mr. N.P. Sahni, learned counsel for the Revenue submitted that the Tribunal had erred in law in deleting the penalty imposed by the AO under Section 271(1)(c) of the Act. Mr. Sahni also submitted that the Tribunal had erred in accepting the explanation offered by the respondent-assessee as bonafide. In this ....