2007 (9) TMI 630

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....e-tax Act, 1961 ('the Act'), the revenue is aggrieved by an order dated 4-8-2006 passed by the Income-tax Appellate Tribunal, Delhi Bench 'D' ('Tribunal') in ITA Nos. 2945 & 2946/Delhi/2005 relevant for the assessment years 2000-01 and 2001-02. 2. The issue that arises in this case concerns the levy of penalty on the assessee under section 271C of the Income-tax Act, 1961. 3. The assessee had ma....

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....nal found this to be incorrect because the assessee had deposited two cheques of ₹ 4 lakhs and ₹ 3.4 lakhs during the survey proceedings. The Tribunal concluded on these facts that the assessee was not avoiding its liability and had co-operated with the revenue in the payment of tax. It also held that the assessee had not been correctly advised by its chartered accountant in regard to ....