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TMI Blog2011 (1) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... ide the levy of penalty holding that the assessee had not concealed the particulars of income but had only taken a bonafide plea that the disbursement of enhanced compensation had not become final - The Tribunal upheld the view of the CIT(A) - The Tribunal observed that the Assessing Officer had failed to record satisfaction for levy of penalty as required under the law - Accordingly, the appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing substantial questions of law:- a. Whether, on the facts and in the circumstances of the case, the Hon'ble ITAT was right in law in confirming the order of the Ld. CIT(A) who deleted the penalties levied by Assessing Officer u/s 271(1)(c) in contravention of the order of the Hon'ble Madras High Court in the case of M. Sajjanraj Nahar Vs. CIT (283 ITR 230), is correct when the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lic purpose. Enhanced compensation was subjected to tax as capital gain and in addition penalty was also levied. The CIT(A) set aside the levy of penalty holding that the assessee had not concealed the particulars of income but had only taken a bonafide plea that the disbursement of enhanced compensation had not become final. The Tribunal upheld the view of the CIT(A). The Tribunal also observed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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