2000 (7) TMI 21

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....---This is an appeal against the order dated September 16, 1999, passed by the Income-tax Appellate Tribunal, Amritsar Bench, confirming the order dated January 19, 1993, passed by the Commissioner of Income-tax (Appeals), Bhatinda, vide which he quashed the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 (for short "the Act"). The facts relevant to the decis....

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....e on account of credit notes as well as expenses on account of debit notes was duly disclosed in the year of receipt/intimation in this regard. This view has been held by the Income-tax Appellate Tribunal, Amritsar Bench in the case of Shyama Textiles for the assessment years 1982-83 to 1985-86 quoted supra. It has been held by the Income-tax Appellate Tribunal in that case in similar circumstance....

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.... years relying on the following decisions : (i) CIT v. Devandas Perumal and Co. [1983] 140 ITR 943 (Bom). (ii) CIT v. Mohammed Yakub Mohd. Ibrahim and Co. [1983] 143 ITR 67 (Bom). It was held by the Income-tax Appellate Tribunal that where addition was made by rejecting the method of accounting being followed (as in the case of Shyama Textile Agency), there was no basis for arriving at a ....