2004 (1) TMI 21

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.... Barve, for the appellant. He informs that the defects as pointed out by the office has already been cured. Heard on admission. This is an appeal under section 260A of the Income-tax Act, 1961, at the instance of the Revenue, against the order dated January 24, 2003, passed by the Income-tax Appellate Tribunal, Indore Bench, in I.T.A. No. 157/Ind. of 1997, for the assessment year 1994-95.....

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.... assessee was not aware of this. It was further submitted that all basic information was furnished and the assessee had made full disclosure, therefore, penalty cannot be levied. The Assessing Officer did not find favour with these contentions and penalty amounting to Rs. 3,10,557 was imposed. On appeal being preferred by the assessee against the said order of the Assessing Officer, learned Com....