2017 (6) TMI 1050

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....essment Year 1998-99. 2. The Revenue has filed the appeal on the following grounds claiming to be substantial questions of law : (a) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in deleting the penalty of Rs. 42,48,656/levied u/s 271(1)(c) of the Act, without appreciating the facts that the assessee had failed to offer an explanation i....

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....ee which clearly established that inaccurate particulars had been furnished by the assessee to reduce the incidence of tax? (d) Whether on the facts and in the circumstances of the case and in law, the fact that the quantum has been sustained by the highest fact finding authority, namely the Tribunal would go to indicate that the respondent company has furnished inaccurate particulars and....

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....IT Vs. Zoom Communication Pvt. Ltd. (327 ITR 510), which is in line with the facts in the instant case? 3. Mr. Pinto, the learned Counsel for the appellant submits that the CIT(A) so also the Tribunal were not right in passing the impugned order, thereby allowing the contentions of the assessee and setting aside the order of the Assessing Officer imposing penalty under Section 271(1)(c) of the ....