2008 (7) TMI 992

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....ppeal Tribunal in IT Appeal No. 589 (Delhi) of 2006 for the assessment year 1996-97. The appeal pertains purely to the question of penalty which had earlier been imposed by the Assessing Officer to the extent of ₹ 4,85,399 under section 271(1)(c) of the Income-tax Act, 1961. In appeal, the Commissioner of the Income Tax (Appeals) had canceled the penalty. The revenue's appeal before the ....

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....fference of opinion, we are of the view that making of such claim bona fide on the basis of a possible view could not be treated as concealment of its income by the assessee company or furnishing of inaccurate particulars of such income so as to attract the penal provisions of section 271(1)(c) as rightly held by the learned CIT(A). His impugned order cancelling the penalty imposed by the Assessin....