9911796707
TMI Blog1999 (2) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... 6(2) of the Income-tax Act, 1961, for calling for a statement of the case from the Income-tax Appellate Tribunal, Indore Bench, on the following stated questions of law, arising out of the Tribunal's order dated August 29, 1997: "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in upholding cancellation of penalty of Rs. 1,15,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed that the assessee had claimed a liability which she was not liable to bear and of which legal position, the assessee was already aware under the terms of dealership and as such deduction, in the matter, was wrongly claimed ?" It transpires that the assessee had claimed interest payment of Rs. 7,19,164 to Escorts Limited on the outstanding bills and delayed payments. She had filed a detailed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income-tax (Appeals) who vide detailed order dated April 3, 1992, accepted her explanation and concluded that the return filed by the assessee could not be treated as false in the facts and circumstances of the case. It was found by him that the assessee had not made any wrong claim for interest, nor had she furnished any inadequate particulars of her income. On the contrary, it wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue's counsel, Shri Pawnekar, submitted that after deletion of the word "deliberate" from section 271(1)(c), the Tribunal could not have given a clean chit to the assessee by confirming the cancellation of penalty. Reliance in this regard was placed on CIT v. Nathulal Agarwala and Sons [1985] 153 ITR 292, a Full Bench judgment of the Patna High Court interpreting the amendment made in the Explanat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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