TMI Blog2010 (5) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the Revenue directed against the order of the CIT(Appeals)-VI, Mumbai dated 12-05-2009 for the assessment year 2005-09 on the following grounds : On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in cancelling the penalty levied depending on the decision of the Hon ble Apex Court in the case of Dilip N. Shroff Vs. JCIT (291 ITR 519) ignoring the decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... source but there was some delay in payment of TDS in the Govt. Treasury. The AO asked the assessee to file details of party-wise freight rate, with corresponding details of TDS deducted and the date on which the amount was credited in the Govt. Treasury. The assessee admitted delay and requested the AO to disallow the amount u/s 40(a)(ia) of the Act. He requested that the amount in question shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iculars of income. He held that the assessee had made full disclosure. He deleted the penalty. Aggrieved, the Revenue is in appeal before us. 5. We have heard Mr. M. Jagdish and Mr. S.S. Rana, the learned representatives appeared on behalf of the Revenue. 6. On a careful consideration of the facts and circumstances of the case and a perusal of the papers on record and the orders of the au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red false and explanation has been given, the penalty can only be levied if the explanation is not bonafide and full details for the computation of income has not been given by the appellant. It may be noted that Rajasthan High Court decision in 251 ITR 373 has enunciated the principle of bonafide, wherein it has been held that there is presumption that explanation given is bonafide unless proved ..... X X X X Extracts X X X X X X X X Extracts X X X X
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