2008 (9) TMI 32

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....MR JUSTICE RAJIV SHAKDHER BADAR DURREZ AHMED, J (ORAL) 1.    These appeals have been preferred by the revenue as well as the assessee against the order passed by the Tribunal on 28.10.2005 in ITA 1397/Del/2002 pertaining to the assessment year 1997-1998. The proceedings relate to the imposition of penalty under Section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to....

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....tionally not furnishing accurate particulars and/ or making a false statement. The Tribunal accepted the submissions of the revenue and held against the assessee on this aspect of the matter. While doing so, we note that the Tribunal was influenced by the fact that the assessee had not paid any advance tax on the income of this magnitude nor did the assessee produce any working to show that such a....

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....f the said Act are concerned, the revenue's appeal to that extent requires to be allowed inasmuch as the Finance Act, 2008 has introduced sub-section (1B) with retrospective effect from 01.04.1989. However, with regard to the cross-objections filed by the assessee and the assessee's separate appeal, we feel that the decision of the Tribunal on merits requires re-consideration. This is so because t....