2012 (5) TMI 615

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.... N. K. BILLAIYA, A.M.: With this appeal, the Revenue has challenged the correctness of the order of the Ld. CIT(A)-20, Mumbai dated 04.01.2011 for the A.Y. 2000-01. The only grievance of the Revenue is that the Ld. CIT(A) has erred in deleting the penalty u/s.271(1)(c) of the Act at Rs. .5,88,000/-. 2. The reasons for the levy of penalty arises out of the assessment order dated 15.11.2007, w....

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....,000/-. 4. On appeal before the Ld. CIT(A), the main contention of the assessee was that neither it has furnished inaccurate particulars nor it has concealed any income. The fact of borrowings came to the knowledge of the AO only from the Balance sheet of the assessee which it self proves that the assessee has not concealed any particular . After considering the submissions and the facts of the....