2005 (3) TMI 74

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..... f penalty under section 271B of the Act, but the proceedings were initiated under section 271A and 271(2)(a)(sic) of the Act and on this ground also, the levy of penalty under section 271B of the Act is not sustainable - Further on materials it is found by the Appellate Tribunal that the accounts of the assessee were audited in accordance with the provisions of the company law and to that extent, .....

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..... in confirming the order of the Commissioner (Appeals) in cancelling the penalty levied under section 271B of the Income-tax Act, 1961?" The assessment year involved in this appeal is 1988-89. The order of the Appellate Tribunal shows that before the levy of penalty under section 271B of the Act, the Assessing Officer has not obtained necessary approval from the Deputy Commissioner of Income-tax .....

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..... other reason given by the Appellate Tribunal is that the nature of receipt itself is not in dispute and the amount has also been shown in the balance-sheet, and it is on the above materials, the Appellate Tribunal held that the levy of penalty under section 271B of the Act is not warranted. We find that the Appellate Tribunal, on the facts of the case, has found that the assessee was under the .....

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