2013 (8) TMI 144

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....the judgement of the Income Tax Appellate Tribunal ("the Tribunal" for short) dated 3.2.2012 raising following question for our consideration :      "Whether on the facts and circumstances of the case, the Hon'ble Tribunal has erred in law in cancelling penalty of Rs. 32,67,643/- levied under Section 271(1)(c) of the Act by the Assessing Officer and confirmed by the learned ....

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....nt books of assessee were rejected and that profit was estimated on the basis of fair gross profit ratio. With respect to retention of the portion of the sales tax, the Tribunal stated that no evidence was brought by the Revenue to suggest that assessee had retained a portion of sales tax with it. Assessee filed its explanation which could not be termed as not bona fide. In absence of any corrobor....