2013 (3) TMI 704

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... al by the revenue for the assessment year 2004-05, following points of law are raised for our consideration:- "Whether on the facts and circumstances of the case and in law, the Tribunal was justified in deleting the penalty under section 271(1)(c) of the income-tax Act, 1961 without properly appreciating the factual and legal matrix of the case as clearly brought out by the order imposing penal .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n 9 of the Act by the Finance Act, 2012 with retrospective effect from 1st June, 1976. The very fact that the law has been amended with retrospective effect clearly shows that the issue was debatable and in the absence of any failure to disclose material facts necessary for the purpose of assessment, the deletion of penalty levied under section 271(1)(c) of the Act cannot be faulted. 4. In the re .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X