2000 (2) TMI 43

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....s entitled to levy penalty under section 271B of the Income-tax Act, 1961. The Tribunal has deleted the penalty. Hence, the Commissioner of Income-tax has come by way of appeal. The facts giving rise to this appeal, briefly, are as follows : The assessee is a partnership firm engaged in the agency business of advertising on Doordarshan and A.I.R. During the assessment year in question, it acted....

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....erred the appeal to the Tribunal. The Tribunal, after considering the terms and conditions of the contracts between the media like Doordarshan, on the one hand, and the customers of the assessee, on the other hand, came to the conclusion that for the purposes of audit under section 44AB, the entire amount of the total transaction cannot be treated as the receipt accruing to the assessee. The Tr....