2002 (1) TMI 957

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....in question the order dated 22-2-1995 of the CIT(A) XI, New Delhi cancelling the penalty of Rs. 47,452 under section 271(1)(c) of the Income-tax Act. 2. It is to be noted that the assessee filed its return of income on 9-9-1998 disclosing total income of Rs. 51,930. However, the asstt. was completed on a total income of Rs. 1,51,000 which was inclusive of addition of Rs. 1 lakh relating to some....

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.... Aggrieved by the order the assessee carried the matter in appeal before the CIT(A). The CIT(A) cancelled the same. So against that order, now the revenue is in appeal. 4. I have heard the rival submissions and gone through the appeal record. It is to be pointed out that no doubt there was some deficiencies in the books of account but one of the partners has stated that all the vouchers were th....