2007 (9) TMI 625

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....ct, 1961 ('Act'), the revenue is aggrieved by an order dated 2-9-2005 passed by the Income-tax Appellate Tribunal ('Tribunal'), New Delhi, Bench "G" in ITA No. 3144/Delhi/2002 relevant for the assessment year 1998-99. 2. By the order under appeal, the Tribunal set aside the penalty proceedings initiated by the Assessing Officer and upheld the view taken by the Commissioner of Income-tax (Appeal....

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....basis, the Assessing Officer added back the amount and also initiated the penalty proceedings under section 271(1)(c) of the Act. 4. Subsequently the Assessing Officer issued a penalty order levying a penalty of Rs. 9,58,659 on the assessee. In the appeal filed by the assessee, the CIT(A) relied upon the several decisions to hold that merely because the assessee had voluntarily surrendered inco....