9911796707
TMI Blog2016 (1) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... contumacious conduct on the part of the assessee. We find that on similar facts Hon'ble Delhi High Court have deleted levy of penalty u/s 271-C in the cae of M/s. Itochu Corporation (2004 (5) TMI 53 - DELHI High Court) and CIT Vs. Mitsui & Company Ltd. reported in [2004 (5) TMI 17 - DELHI High Court] wherein held as reasonable cause as shown by the assessee-company has not been properly appreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in appeal and the Commissioner of Income Tax (Appeals) deleted the levy of penalty. 2. The matter was pursued by the Revenue before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal vide order dated 31.03.2006 entered the following findings: 11..We have carefully considered the rival submissions. In the instant case we are not dealing with collection of tax u/s 201(1) or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Being aggrieved, the Revenue took up the matter before the High Court of Delhi against the order of the Income Tax Appellate Tribunal. The High Court rejected the appeal only on the ground that no substantial question of law arises in the matter. 4. On facts, we are convinced that there is no substantial question of law, the facts and law having properly and correctly been assessed and a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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