2002 (11) TMI 13

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....the order, dated May 6, 2002, passed by the Income-tax Appellate Tribunal, Delhi Bench "D", New Delhi, in I.T.A. No. 4048/Del of 1996, for the assessment year 1990-91. By the impugned order the Tribunal has upheld the order passed by the Commissioner of Income-tax (Appeals), whereby penalty levied on the respondent/assessee under section 2nD of the Act was deleted. While affirming the said order....

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....1, 1990, respectively. The loans were taken by the assessee just to clear these cheques issued by it, as there was no sufficient bank balance with the assessee. The amounts were prepaid through account payee cheques, this is an undisputed fact. We further noted that bona fide intention of the assessee has already been proved because the Assessing Officer has made additions under section 68 by reje....

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....facts and circumstances, we hold that penalty levied and confirmed by the Commissioner of Income-tax (Appeals) was not justified. Accordingly, we delete the same." The afore-extracted portion of the Tribunal's order shows that the conclusion of the Tribunal that there was a reasonable cause in not strictly complying with the provisions of section 26955 of the Act is based on relevant factors. We ....