2004 (8) TMI 77

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....ue has filed this appeal under section 260A of the Income-tax Act, 1961 (for short, "the Act"), against the order of the Income-tax Appellate Tribunal, Chandigarh Bench A, Chandigarh (for short, "the Tribunal"), dated October 21, 2002, whereby the appeal of the assessee has been allowed and penalty levied under section 272A(2)(f) of the Act has been cancelled. Penalty proceedings had been initi....

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....epositors within the stipulated period, was only of technical nature for which no penalty under section 272A(2)(f) of the Act was leviable. In support of its conclusions, the Tribunal placed reliance on the judgment of the Supreme Court in Hindustan Steel Ltd. v. State of Orissa [1972] 83 ITR 26. Having perused the order of the Tribunal, we are satisfied that in the light of the factual positio....