2010 (11) TMI 228

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....short "the Tribunal") in ITA No. 861/CHANDI/01, relating to the assessment year 2000-2001. The assessee has claimed the following substantial questions of law for determination by this Court:   1- Whether under the facts and circumstances of the case and on an interpretation of Section 272A(2)(f), the Tribunal is justified in upholding the levy of penalty? 2- Whether under the facts and circumstances of the case the Tribunal was right in law in upholding the levy of penalty u/s 272A(2)(f) even if the assessee has committed a default under a bona fide belief and as a reasonable cause that forms have to be sent annually?   3- Whether under the facts and circumstances of the case the Tribunal was justified in upholding the l....

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....ank. Reply was filed on behalf of the Manager that the alleged lapse occurred due to bona fide mistake. But the said plea was rejected. It was also sought to be contended on behalf of the Manager that since no loss occurred to the Revenue, no penalty could be levied. The CIT, however, by order dated 22.10.2001 levied minimum penalty of Rs. 1,26,606/- i.e. equal to the amount deductible for committing default under Section 272A(2)(f) of the Act. Feeling aggrieved, the assessee preferred appeal before the Tribunal. The Tribunal after considering the submissions of both the sides dismissed the appeal by order dated 10.9.2003. It is how the assessee is in appeal before us.   We have heard learned counsel for the parties and perused the ....