2015 (2) TMI 770

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..... paid and Settlement Commission was also approached. The self assessment tax of ₹ 97.81 lacs alongwith the interest was also paid in part by 31-12-2011. The CIT(A) has after considering all relevant facts proceeded to exercise bonafide discretion to reduce penalty. The decision so recorded is neither perverse nor arbitrary. The affirmation of this aforesaid order by the Tribunal cannot be sa .....

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..... (i) Whether in law and in the circumstances of the case, the Hon'ble ITAT has erred by confirming the order of the CIT(A), restricting the quantum of penalty u/s 221(1) to 5% of the unpaid self assessment tax instead of @ 20% levied by the assessing officer in spite of the provisions of section 249(4) by which appeal against penalty was not maintainable? Counsel for the revenue submits tha .....

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..... der passed by the CIT(A), reads as follows: - .... No doubt there was a delay and in terms of section 140A (3) and the assessee is deemed to be assessee in default. It is also seen that prior to the levy of penalty, opportunity was afforded followed by issue of show-cause. No submission nor any appearance was stated filed/made. However one cannot omit the fact that the taxes emana .....

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