2015 (4) TMI 405

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....ul K Jasani ORDER P. C. 1. We have heard Mr. Malhotra for the Revenue in support of this appeal and Mr. Jasani for the assessee. 2. We have perused the Tribunal's order setting aside that of the Commissioner and allowing the appeal. 3. The assessee had approached the Tribunal, aggrieved and dissatisfied with an imposition of penalty for the assessment year 1998-1999. The Assessi....

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..... It is on this basis that the penalty proceedings were initiated. The Tribunal, on reading of section 271(1)(c) held that the said section will have to be read together with the explanation I (Clause A) and (Clause B). That is how the same could be attracted to the given facts and the circumstances of each case. 5. Here, the assessee may not be successful in substantiating their claim, but tha....