2012 (4) TMI 747

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....on 260A of the Income Tax Act is at the instance of the Revenue and is directed against an order dated June 17, 2011 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'C' in ITA No. 3271/AHD/2009 for the Assessment Year 2001-02 thereby deleting the penalty imposed upon the assessee under section 271(1)(c) of the Income Tax Act. It appears from the record that the assessee claim....

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....or suppressing/concealing materials, such assessee be liable to penalty under section 271(1)(c) of the Act. After hearing Mr. Bhatt, the learned senior counsel appearing on behalf of the Revenue and after going through the decision of the Supreme Court in the case of RELIANCE PETROPRODUCTS (P) LTD, [supra], we are of the view that in the absence of any incorrect, wrong or untrue material or suppr....