2013 (6) TMI 133

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....260A of the Income-tax Act, 1961, arising out of an order passed by the Income-tax Appellate Tribunal, Delhi Bench "A", New Delhi (for short "the Tribunal") on March 31, 2009, arising out of an assessment year 2001-02 whereby the penalty proceedings initiated against the assessee under section 271(1)(c) of the Income-tax Act, 1961, were set aside. The Assessing Officer levied penalty under sect....

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....rcumstances of the case, the learned Income-tax Appellate Tribunal was right in law in deleting the penalty of Rs. 11,18,881 levied by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961, and confirmed by the learned Commissioner of Income-tax (Appeals) even though the conditions laid down under the provisions of section 271(1)(c) are satisfied in the assessee's case ?" (i....

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....dia v. Dharamendra Textile Processors [2008] 306 ITR 277 (SC) wherein it is held that the object behind the enactment of section 271(1)(c) read with the Explanation indicates that the section has been enacted to provide for a remedy for loss of revenue. The penalty under that provision is a civil liability and willful concealment is not an essential ingredient for attracting civil liability ?" ....