2018 (9) TMI 881

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....L ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 19.04.2018. Following question is raised for our consideration: "Whether on facts and circumstances of the case and in law the Appellate Tribunal was justified in upholding the cancellation of penalty u/s. 271(1)(c) of the I.T.Act, 1961 by the C....

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.... in the impugned judgement, held and observed that the assessee had not concealed any particulars of his income. To the receipts in the form of sales tax and excise duty concessions, the assessee had followed his own interpretation believing that the receipts being capital in nature were not chargeable for computation of book profit under section 115JB of the Act. The Tribunal was of the opinion t....