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TMI Blog2013 (7) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... nd fuel was less than the previous year - Such ratio was found unbelievable by the Assessing Officer - It was held to be furnishing of the inaccurate particulars and concealment on the part of the assessee - Tribunal has rightly noted that these circumstances were aptly explained by the assessee who had reiteratively mentioned that there was extraordinary inflationary trend during the year under q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned CIT(A) on disallowance of consumption of raw materials made at 20% without appreciating the fact that the assessee had failed to produce its books of accounts in spite of affording several opportunities to the assessee? [2.0] The brief facts for the purpose of this petition are as follows: [2.1] The assessee engaged in the business of dying and printing of Art Silk Cloth on the job wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee challenged the same before the ITAT. [2.3] The Tribunal after considering in detail the submissions of both the sides cancelled the penalty order and allowed the appeal of the assessee resulting into the present Appeal challenging such order of cancellation of penalty. [3.0] We have heard learned counsel Mr. Manav Mehta appearing for the Revenue, who has fervently challenged the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stances were aptly explained by the assessee who had reiteratively mentioned that there was extraordinary inflationary trend during the year under question in chemical business of the assessee as compared to the previous year. The Tribunal has also taken into consideration the explanation rendered by the assessee vide communications dated 20.01.2006 and 18.07.2007. The company was closed for past ..... X X X X Extracts X X X X X X X X Extracts X X X X
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