2011 (6) TMI 810

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....s in appeal against judgement of the tribunal dated 16.7.2009 deleting penalty of Rs. 6,64,730/imposed by the Assessing officer and confirmed by CIT(Appeals). Question of law raised for our consideration is as under : Whether the Appellate Tribunal is right in law and facts in reversing the order passed by CIT(A) and thereby deleting the penalty of Rs. 6,64,730/made by the Assessing Officer lev....

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....departmental authorities made any attempt to find out whether the explanation of the assessee was false. Tribunal relied on decision of Division Bench of this Court in case of National Textiles v. Commissioner of Income Tax reported in 249 ITR 125, wherein Bench observed that if the assessee gives an explanation which is unproved but not disproved, it would not lead to inference that assessee'....