2015 (7) TMI 952

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..... urn that circumstance weighed predominantly AO to impose penalty. The CIT(A) consequently set aside the penalty; the revenue's grievance that this score was rejected by ITAT. We considered the circumstance of the case. It is quite evident from the materials on record that the AO was considerably swayed by the revised return and the figures disclosed therein. The CIT(A) correctly understood the law .....

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..... 966/- under Section 271(1) of the Income Tax Act was unjustified. The assessee a private company, is engaged in real estate development business. For AY 2008-09 and 2009-10 the assessment under Section 143(3) of the Act was framed and an addition of ₹ 2,25,68,303/- was made on account of application of percentage completion of method. The AO initiated penalty proceedings in respect of the ad .....

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