2007 (5) TMI 199 - SC - Income Tax

Whether the Tribunal was right in holding that penalty under section 271(1)(c) was not exigible in the present case - It is not a case where penalty has been imposed for breach or contravention of a commercial statute where lack of intention to contravene or existence of bona fides may not be of much importance. It is also not a case where penalty is mandatorily imposable - appeal of assessee is allowed