2005 (10) TMI 41

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....Appellate Tribunal, Ahmedabad Bench "A", has referred the following question under section 256(1) of the Income-tax Act, 1961 ("the Act"), at the instance of the Commissioner of Income-tax: "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in deleting the penalty levied under section 271(1)(c) on the concealed income of Rs. 26,853 to which the assessee ha....

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.... job work on the wires received from M/s. Zodiac Electrical Co., and returned the wires to M/s. Johnson Electric Company and charged the said concern towards job work charges only. Therefore, the Assessing Officer came to the conclusion that the said amount which was debited under the head "Consumable stores" was not allowable. The assessee accepted this fact and agreed to the addition. However, a....

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....om the sister concern. That the assessee had come forward with a request to disallow the same on account of apparent mistake and the request was made by the assessee during the course of assessment proceedings before the Assessing Officer had detected this fact. The Tribunal, therefore, held that the bona fides of the assessee were evident and in such case, imposition of penalty was not warranted.....