9911796707
TMI Blog2007 (9) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... aggrieved by an order dated 2-9-2005 passed by the Income-tax Appellate Tribunal ('Tribunal'), New Delhi, Bench "G" in ITA No. 3144/Delhi/2002 relevant for the assessment year 1998-99. 2. By the order under appeal, the Tribunal set aside the penalty proceedings initiated by the Assessing Officer and upheld the view taken by the Commissioner of Income-tax (Appeals) ['(CIT A)'] to the ef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer added back the amount and also initiated the penalty proceedings under section 271(1)(c) of the Act. 4. Subsequently the Assessing Officer issued a penalty order levying a penalty of ₹ 9,58,659 on the assessee. In the appeal filed by the assessee, the CIT(A) relied upon the several decisions to hold that merely because the assessee had voluntarily surrendered income to buy peace, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rent view which should not be lightly interfered with, we are satisfied that no error has been committed by the CIT(A) or by the Tribunal. The assessee had surrendered the income at the first instance. The Assessing Officer had failed to bring on record any other material to show that the conduct of the assessee was such that it warranted penalty proceedings being initiated against him. We find no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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