2011 (8) TMI 616

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....Appellate Tribunal was justified in deleting the penalty levied under section 271D of the Income-tax Act, 1961 ?   2. In the present case, the premises of Mr. Kiran Shah, a director of the assessee-company was searched by the income-tax authorities. During the course of search, incriminating documents regarding unaccounted expenditure incurred by the said Kiran Shah were seized. In the proce....

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....Appellate Tribunal and the Income-tax Appellate Tribunal deleted the penalty by recording a finding of fact in para. 13 of its order to the effect that the assessee has neither received any amount by way of loan nor received any deposit and it is the director of the company who had utilized his undisclosed income for and on behalf of the assessee. The Income-tax Appellate Tribunal has recorded a f....