TMI Blog2003 (3) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... and decide as to whether the penalty was to be sustained or set aside - Commissioner and the Tribunal have examined all the facts and accepted the assessee's claim that his failure to file the return earlier was bona fide – Thus, there is no infirmity in Tribunal’s order cancelling the penalty levied under section 271(1)(c) - - - - - Dated:- 28-3-2003 - Judge(s) : R. JAYASIMHA BABU., K. RAVIRA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . For the assessment year 198384, penalty was levied by the Assessing Officer, which was set aside on appeal. No reference was sought from that order of the Tribunal. The proceedings initiated to levy penalty were after an assessment was made for that year on the basis of an estimate made by the officer without assigning any reasons for not relying on the figures furnished in the returns filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssioner and the Tribunal have examined all the facts and accepted the assessee's claim that his failure to file the return earlier was bona fide and have held that the penalty was not, on the facts of this case, leviable. We do not see any error in such exercise of jurisdiction nor any error in the application of law to the facts of this case by the Tribunal. The question referred is, therefore, a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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