TMI Blog2011 (8) TMI 1218X X X X Extracts X X X X X X X X Extracts X X X X ..... allenged the decision of Tribunal dated 6.2.2009 raising following question for our consideration:- Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) in deleting the penalty of ₹ 1,00,06,728/- levied u/s.271(1)(c) of the Act? 2. The issue pertains to penalty under Section 271(1)(c) of the Income Tax Act. The Assessing Officer impos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. The claim was not found to be fabricated nor any false statement was made by the assessee. 5. Having thus heard learned counsel for the parties and having perused the documents on record, we find that the Tribunal has given sufficient reasons for upholding the orders of CIT(Appeals) deleting the penalty. The Tribunal records that deduction claimed by the assessee in respect of bad debts and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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