TMI Blog2005 (10) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned order of the Tribunal, it has recorded findings of fact as to the admission made by the assessee and the bona fides of the assessee. The facts as such are not disputed. Nothing has been brought on record by the Revenue to suggest that the finding that the assessee's action was bona fide, is incorrect in any manner whatsoever. In the circumstances, it is not possible to state that the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... observed that, under the head "Consumable stores", an amount of Rs. 34,892 had been debited. He called for details and on going through the same found that an amount of Rs. 26,853 related to purchase of aluminium wires from M/s. Zodiac Electrical (P.) Ltd. It is an admitted fact that the assessee was doing job work of paper covering on the wire-supplied by its sister concern, M/s. Johnson Electric ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of its income. After hearing the assessee, he imposed minimum penalty at the rate of 100 per cent., i.e., penalty of Rs. 26,853. The assessee carried the matter in appeal before the Commissioner of Income-tax (Appeals), who did not accept the explanation tendered by the assessee and confirmed the penalty order. The assessee, therefore, went in second appeal before the Tribunal. The Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal, it has recorded findings of fact as to the admission made by the assessee and the bona fides of the assessee. The facts as such are not disputed. Nothing has been brought on record by the Revenue to suggest that the finding that the assessee's action was bona fide, is incorrect in any manner whatsoever. In the circumstances, it is not possible to state that the Tribunal's order suffers from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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