2007 (9) TMI 130

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....in ITA No.4984 and 4985/Del/2003 relevant for the assessment years 1992-93 and 1993-94. 2. Broadly, the issue that is involved in this appeal is whether the Revenue could have imposed a penalty on the Assessee under the provisions of Section 221 of the Income Tax Act, 1961 ("the Act") even though two applications filed by the Assessee for stay of recovery of tax were pending before the Assessin....

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....ons have been quoted by the Tribunal in detail in its impugned order. The Tribunal has also noted that it was not disputed that both these applications were not disposed of by the Assessing Officer. We, therefore, proceed on that basis. 5. In the applications for stay that were filed by the Assessee, it was pointed out that it had filed rectification applications in respect of several other ass....

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....ing of the stay applications of the Assessee. It has also been observed by the Tribunal that the conduct of the Assessee does not appear to be contumacious so as to justify the imposition of penalty. Accordingly, the Tribunal cancelled the penalty imposed upon the Assessee. 8. We are of the view that there is no error that has been committed by the Tribunal. It goes without saying that the Asse....