2014 (3) TMI 1243

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.....P.C. Tripathi, ORDER PC: 1 Heard Mr. Tejveer Singh, learned counsel appearing for the Appellant/ Revenue. Perused the orders passed by the Commissioner of Income Tax (Appeals) and that of the Income Tax Appellate Tribunal. 2 In allowing the Appeal of the Respondent/Assessee, the Tribunal has referred to Section 271(1)(c) of the Income Tax Act, 1961. It also examined the matter from al....

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.... the Assessee has filed inaccurate particulars of its income. The Assessing Officer has observed that the Assessee has not stated any reasonable cause for failure on its part to report its true and correct profit. The Assessing Officer has then perused the explanation given and found that same will not absolve the Assessee from penal proceedings. 5 However, the Tribunal in paragraph 6 of the im....