2006 (12) TMI 117

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....estion of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for opinion to this court: "Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in holding that the conditions laid down in Explanation 5(2) to section 271(1)(c) were fulfilled and no penalty was leviable under section 271(1)(c) o....

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....ot specified in the relevant statement under section 132(4). Taking aid of Explanation 5 appended to clause (c) of sub-section (1) of section 271 penalty in a sum of Rs. 26,090 was imposed which has been sustained during the first appeal. This penalty was deleted by the Tribunal. In doing so, the Tribunal mainly took into consideration the fact that in the case of the assessee as well as in his br....