2010 (2) TMI 1122

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..... Balaram Das, Advs. ORDER Having examined the question of law in the context of the facts placed on record, we are of the view that the matter needs to be remitted to the Assessing Officer (AO). In this case, the Tribunal has set aside the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961, on the basis that the AO has not examined the concerned persons. In this connection, it....

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....ince the AO did not examine the relevant persons and since he did not find any explanation furnished by the assessee to be false, the entire penalty proceedings came to be quashed. In our view, on the facts of this case, the Tribunal should have remitted the case to the AO particularly, in view of the fact that the assessee has raised a legal contention on the applicability of Explanation-5 to Se....