2009 (7) TMI 830

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....eferred to as "the Act'), for opinion of this court :   "Whether on the facts and in the circumstances of the case had having confirmed the addition of Rs. 89,273 on account of bogus pur-chases, the Appellate Tribunal was legally justified in holding that the proviso below Explanation 1(B) of section 271(1)(c) was applicable and thereby cancelling the penalty of Rs. 22,000 imposed under sect....

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....ng Officer imposed a sum of Rs. 22,000 as penalty, which has been confirmed by the Commissioner of Income-tax (Appeals). However, the Tribunal had deleted the penalty on the ground that the explanation given by the respondent-assessee was bona fide and all material facts for computing the income were disclosed. The Tribunal has held that bona fides are further established by the purchase rates in ....