2010 (2) TMI 256

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..... - the Tribunal was not justified in canceling the penalty thus the matter is remanded. - 1707 of 2009 - - - Dated:- 25-2-2010 - DR. D.Y. CHANDRACHUD and J.P. DEVADHAR JJ. Vimal Gupta for the appellant. M.K. Kulkarni, instructed by Sagar Kasar, for the respondent. JUDGMENT The judgment of the court was delivered by 1. Dr. D. Y. Chandrachud J.- Admit. 2. The issue involv .....

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..... ioner (Appeals) in the course of any proceedings under Chapter XIV-B, may direct that a person shall pay by way of penalty a sum which shall not be less than the amount of tax leviable but which shall not exceed three times the amount of tax so leviable in respect of the undisclosed income determined by the Assessing Officer under clause (c) of section 158BC. The proviso to sub-section (2) carves .....

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..... thin the four corners of the cited decisions and as also mentioned in the quoted commentary, we are of the view that this is not a fit case for levy of penalty, respectfully following the proposition laid down, considering the totality of the facts and circumstances of the case, we hereby reserve the findings of the authorities below and direct to delete the penalty." 5. There is merit in the .....

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