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2012 (6) TMI 475 - ITAT DELHI
Penalty u/s 271(1)(c) - revenue Challenged the deletion of addition made by CIT(A) - Held that:- If any assessee offers an explanation, which is not found to be false, he can save himself of penalty even if he were not able to substantiate his case as long as he places all the relevant material - surrender was being made with a condition that no penal action will be made and to avoid further litigation and to buy peace,hence no point to levy penalty - in favour of assessee.