TaxTMI 
TaxTMI 
2010 (7) TMI 1027
X X X X Extracts X X X X
X X X X Extracts X X X X
....ther, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in deleting prenalties of ₹ 15,05,548 and ₹ 3,33,802 imposed under section 271(1)( c ) with reference tonon-inclusion of the interest free advances of ₹ 27,50,162 and ₹ 11,00,000 received as interest free advances in the period relevant to the assessment years 2001-02 and 2....
X X X X Extracts X X X X
X X X X Extracts X X X X
....reciation of fact and having taken note of the contention that the appellant was ignorant about the provision of law. There has been no intention to conceal. Therefore, the amount of penalty was deleted. The learned Tribunal has affirmed the said judgment and order of the Commissioner of Income Tax(Appeal) and has followed the established principles of law as laid down by the Apex Court. The Learn....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t and/or deliberate furnishing of inaccurate particulars of income until and unless there is some evidence to show or such circumstances found from which it can be gathered that the omission was attributable to an intention or desire on the part of the assessee to hide or conceal the income. The Learned Tribunal has recorded that the department has not brought any material on record that the asse....