2014 (12) TMI 477

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....a, J. (Oral): This appeal by the Revenue challenges the order of the Income Tax Appellate Tribunal (Tribunal, for short) deleting penalty under Section 271(1)(c) of the Income Tax Act, 1961 (Act, for short). The appeal pertains to Assessment Year 2009-10. 2. The finding of the Tribunal is that the assessee had discharged the onus and established their bona fides for the purpose of Explanatio....

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....on 10A of the Act. Complexity had arisen due to interplay of Section 115JB with Section 10A of the Act. 3. On considering the factual matrix, the Tribunal has observed that the explanation and conduct did not reflect any attempt to propound an excuse which was sham or a ruse. The reason given was not a device to cover an ulterior purpose. The mistake made by the Chartered Accountant was a resul....