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TMI Blog2013 (12) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... llant. We are inclined to condone delay of 99 days in re-filing of the appeal. Application for condonation of delay in refiling being C.M.No.15143/2013 is accordingly disposed of. 2. This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (Act) impugns order passed by the Income Tax Appellate Tribunal (for short, the tribunal) deleting penalty under Section 271 (1)(c) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fit and loss account, the respondent-assessee had made provision for Rs. 59,43,008/- on account of non-saleable and damaged goods. The Assessing Officer did not allow the debit entry observing that the respondent-assessee did not produce evidence for writing off the said amount in the books and at the same time observed that the entry was nothing but a provision for decrease in the value of assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sole basis for imposing penalty as the assessee has right to produce evidence and discharge onus under Explanation 1 to Section 271(1)(c) and seek exoneration from imposition of penalty. Before the tribunal, the respondent-assessee had stated and established that they were engaged in the business of food processing and packaging, for exports. Food items were perishable in nature and had expiry d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was eligible for deduction under Section 10B of the Act and, therefore, there was no cause or reason for the assessee to deliberately write off saleable goods which could be exported in the books of accounts as non-saleable. 7. Tribunal in the impugned order has referred to the observation of the Assessing Officer on decrease in value of assessee's assets and observed that if there was decrease ..... X X X X Extracts X X X X X X X X Extracts X X X X
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