2012 (11) TMI 677

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..... t purpose the assessee was not asked to furnish explanation etc. was the reason given by the Tribunal - Tribunal committed no mistake in allowing the appeal of the assessee and in fact in this appeal no question of law is involved and question of law as framed is because of misreading of the order passed by the Tribunal wherein only contention of the assessee's representative has been recorded wit .....

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..... come? 2. A bare perusal of the order passed by the Tribunal will reveal that the Tribunal has not set aside the penalty under Section 271(1)(c) of the Act of 1961 only on the ground that the assessee was in distressed condition and, therefore, filed inaccurate particulars of the income whereas the Tribunal has given reason for setting aside the penalty which is mentioned in para 5 which reads a .....

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..... son the order of penalty is wrong and mere recording of statement of the assessee's representative has been misunderstood to be a finding recorded by the Tribunal. In this case, the assessee has claimed the expenditure of amount of liability of the interest accrued which, in fact, was found that he did not pay within the financial year. However, for that purpose the assessee was not asked to furni .....

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