2004 (8) TMI 57

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....t, 1961 (for short "the Act"), against the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), dated December 31, 2002, whereby the appeal of the assessee has been allowed and penalty levied under section 271(1)(c) of the Act has been cancelled. For the assessment year 1992-93 the assessee had claimed deduction under section 80-1 amounting to Rs. 33,....

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....r section 80-I of the Income-tax Act, 1961." In view of the above submissions of the chartered accountant, the Assessing Officer disallowed the claim for deduction and also initiated proceedings under section 271(1)(c) of the Act for furnishing inaccurate particulars of the income. In pursuance of the penalty proceedings, vide order dated August 18, 1994, penalty of Rs. 28,527 was imposed with ....

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....he deduction in a bona fide manner. The Revenue's contention about the denial of the chartered accountant cannot be used against the assessee for two reasons-firstly, the assessee was never confronted with this denial and secondly, this denial is contrary to the factual position on record. We are, therefore, satisfied that no substantial question of law arises out of the order of the Tribunal for ....