2011 (10) TMI 649

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.... PER A.L.Gehlot, Accountant Member:- This is an appeal by the Revenue. The assessment involved in this appeal is 1998-99. The appeal is instituted against the order of the CIT(A)-XIV, Ahmedabad, dated 28-12-2005. This appeal arises out of the penalty order u/s 271(1)(c) of the Income-tax Act, 1961. Ground reproduced as under:-  "1. The ld. CIT(A) has erred in law and on facts in reducing ....

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.... other income of Rs. 96,78,575/-" The Ld. CIT(Appeals) partly allowed the assessee's appeal upholding the penalty addition in respect of addition of Rs. 1,42,06,989/- and cancelled the penalty on other additions. The Revenue is in appeal against cancellation of penalty by the Ld. CIT(A). 3. We have heard the Ld. Representative of the parties. We notice that in quantum matter the assessee preferr....