2013 (12) TMI 1152

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....ribunal dated 22.5.2012, Revenue has preferred this appeal proposing following questions of law for our consideration:-      "(i) Whether in the circumstances and the facts of the case and in law, the Appellate Tribunal was correct in deleting the penalty u/s. 271(1)(c) of the Act even though correct facts were not disclosed in the return of income filed by the assessee?" ....

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....ings and Tribunal erred in holding penalty levied by the Assessing Officer. 4. As can be noted from the record, the assessee respondent in return of income, declared his total income at Rs.13,35,470/- for the assessment year 2005-06. Assessing Officer made certain additions and disallowances in scrutiny assessment under Section 143(3) of the Income Tax Act and eventually initiated penalty proce....

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....20/-. 6. CIT (Appeals), on the ground of penalty, concluded that there was no material to indicate any concealment or furnishing of inaccurate particulars by the assessee. Therefore, it deleted the penalty imposed by the Assessing Officer. When challenged before the Tribunal, it concurred with the findings of CIT (Appeals) and upheld such findings and held thus:-      "8.....