2015 (10) TMI 2055

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....ppeal is by the Revenue, questioning the wisdom of the Tribunal in deleting the penalty under Section 271(1)(c) of the Act by raising the following substantial questions of law : "i. Whether on the facts and circumstances of the case, the Tribunal was right in deleting the penalty levied under Section 271(1)(c) of the Income Tax Act ? and (ii) Is not the finding of the Tribunal bad by holding ....

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....its profit and loss account, but it did not add back. 4. The Assessing Officer levied penalty on all the four items upto 100%. The Commissioner (Appeals) confirmed the same. But, the Tribunal ordered deletion of penalty for the reasons stated in paragraph 6 of the order, which reads as follows : "It also emanates that the first one of them falling under Section 94(7) is more or less an error of....

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....d hold that this cannot be held to be an instance of concealment and furnishing of inaccurate particulars of income inviting penalty under Section 271(1)(c) of the Act. Therefore, the impugned penalty of Rs. 11,47,552/- is deleted." 5. The Revenue is aggrieved on the ground that to attract penalty under Section 271(1)(c), it is enough for the Department to prove that the assessee was guilty of fu....