2002 (1) TMI 957

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..... 22-2-1995 of the CIT(A) XI, New Delhi cancelling the penalty of Rs. 47,452 under section 271(1)(c) of the Income-tax Act. 2. It is to be noted that the assessee filed its return of income on 9-9-1998 disclosing total income of Rs. 51,930. However, the asstt. was completed on a total income of Rs. 1,51,000 which was inclusive of addition of Rs. 1 lakh relating to some purchases made out of books o .....

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..... ssee carried the matter in appeal before the CIT(A). The CIT(A) cancelled the same. So against that order, now the revenue is in appeal. 4. I have heard the rival submissions and gone through the appeal record. It is to be pointed out that no doubt there was some deficiencies in the books of account but one of the partners has stated that all the vouchers were there which were duly accounted for .....

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..... hat on being surrendered no penalty is to be levied under section 271(1)(c) of the Income-tax Act. Since the assessee has surrendered the additional income in order to buy peace and avoid unnecessary litigation. I think in view of the facts and circumstances of the case no penalty should have been levied under section 271(1)(c) of the Income-tax Act the ld. CIT(A) has rightly cancelled the same. .....

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