2013 (1) TMI 97

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....or Opponent(s): 1, ORAL ORDER] (Per: HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in Appeal against the judgment of the Tribunal dated 10.7.2009 raising following questions for our consideration:-"Whether the Appellate Tribunal is right in law and on facts in reversing the order passed by CIT(A) and thereby canceling the penalty of Rs.78,75,000/- levied under Section 271(1)(c) of the....

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....profit and loss account, the same had no impact on the tax liability of the assessee. It was held that even after such disallowance, tax finally required to be paid, as per Section 115 JB of the Act, would remain the same. The Tribunal, therefore, held that it cannot be stated that the assessee evaded tax. The third ground on which the Tribunal deleted the penalty was that in response to the notic....