9911796707
TMI Blog2007 (9) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... The Revenue is aggrieved by an order dated 13th July, 2006 passed by the Income Tax Appellate Tribunal, Delhi Bench "E" in ITA No.4984 and 4985/Del/2003 relevant for the assessment years 1992-93 and 1993-94. 2. Broadly, the issue that is involved in this appeal is whether the Revenue could have imposed a penalty on the Assessee under the provisions of Section 221 of the Income Tax Act, 1961 (" ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee, one on 24th April, 2002 and the other on 21st February, 2003 is not disputed because the contents of these applications have been quoted by the Tribunal in detail in its impugned order. The Tribunal has also noted that it was not disputed that both these applications were not disposed of by the Assessing Officer. We, therefore, proceed on that basis. 5. In the applications for stay tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. The Tribunal has observed that the Assessing Officer was not justified in imposing the penalties without first disposing of the stay applications of the Assessee. It has also been observed by the Tribunal that the conduct of the Assessee does not appear to be contumacious so as to justify the imposition of penalty. Accordingly, the Tribunal cancelled the penalty imposed upon the Assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
