2014 (12) TMI 750

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..... and order passed by the learned Income Tax Appellate Tribunal dated 7.12.2012 passed in I.T.A No.74/Ahd/2010 with respect to the Assessment Year 2000-01 by which the Tribunal has allowed the said appeal preferred by the assessee and has quashed and set aside the order passed by CIT(A) confirming the order passed by Assessing Officer, imposing penalty under section 271(1)(c) of the Income Tax Act, .....

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..... d by and dissatisfied with the order passed by CIT(Appeals) in confirming the order passed by the Income Tax Officer imposing penalty under section 271(1)(c) of the Act, on the aforesaid ground, the assessee preferred appeal before the Tribunal and by impugned judgment and order, the Tribunal has allowed the said appeal and has quashed and set aside the order deleting the penalty. 5. Having heard .....

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..... assessee that the stock statement given to the Bank was purely for the purpose of accommodating existing bank finances and the assessee was required to submit stock statement showing a particular value of the stock in order to continuously enjoy overdraft facility and whatever was submitted before the Bank was disclosed before the authority and therefore as such there was no concealment, learned .....

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