2009 (12) TMI 45

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..... ain technical services like booking of cargos and gathering and supplying the details of Market condition to foreign shipping companies. The Assessing Officer found that there was no actual receipt of foreign exchange by the assessee and thus levied penalty under Section 271(1)(c) in a sum of Rs.30,30,430/-. Held that - The quantum tax case appeal has been decided by this Court in the case of Com .....

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..... assessing officer under Section 271 (1)(c) of the Income Tax Act and upheld by the Commissioner of Income Tax (Appeals) has been directed to be deleted by the Tribunal on the premise that the Tribunal by its order dated 30.04.2003 made in I.T.A.No.57 of 2000 allowed the quantum appeal of the assessee. 2. Facts: The assessee is a shipping agent. For the assessment year 1996-97, the assessee had .....

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..... ted 30.04.2003, in ITA.No.57/Mds/2000, the very basis for the levy of penalty has gone. The correctness of the same is now canvassed before this Court by framing the following question of law:- "Whether in the facts and circumstances of the case, the Tribunal was right in cancelling the penalty levied u/s 271(1)(c) when the assessee has not produced any evidence, convincing the services rendered .....

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