2004 (8) TMI 52

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.... appeal has been preferred by the Revenue against the order of deletion of penalty under section 271(1)(c) of the Income-tax Act, 1961 (for short, "the Act"). The assessee filed its return for the assessment year 1994-95 declaring income of Rs. 2,87,830. Vide assessment order dated December 14, 1995, the Assessing Officer assessed the income at Rs. 18,15,080. The assessee had made a claim fo....

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.... Assessing Officer was not satisfied about the defence of the assessee and imposed penalty equivalent to 100 per cent. of the tax evaded. On appeal, the Commissioner of Income-tax (Appeals) deleted the penalty holding that there was a fire at the business premises of the assessee on September 25, 1995, on account of which books of account were not produced. It was held that the mistake of the a....

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.... assessee by showing different figures of turnover in Form No. 10CCAC and Form No. 3CA/3CD prepared by the same CA has failed to prove that the explanation offered by it is bona fide? (ii) Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in law in deleting the penalty when admittedly the certificate issued by the CA was not in a....