TMI Blog2000 (7) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1999, passed by the Income-tax Appellate Tribunal, Amritsar Bench, confirming the order dated January 19, 1993, passed by the Commissioner of Income-tax (Appeals), Bhatinda, vide which he quashed the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 (for short "the Act"). The facts relevant to the decision of the appeal are that on the basis of a search conduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of debit notes was duly disclosed in the year of receipt/intimation in this regard. This view has been held by the Income-tax Appellate Tribunal, Amritsar Bench in the case of Shyama Textiles for the assessment years 1982-83 to 1985-86 quoted supra. It has been held by the Income-tax Appellate Tribunal in that case in similar circumstances that method of accounting of showing commission/expenses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vandas Perumal and Co. [1983] 140 ITR 943 (Bom). (ii) CIT v. Mohammed Yakub Mohd. Ibrahim and Co. [1983] 143 ITR 67 (Bom). It was held by the Income-tax Appellate Tribunal that where addition was made by rejecting the method of accounting being followed (as in the case of Shyama Textile Agency), there was no basis for arriving at a finding of concealment. Reference application filed against th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for the appellant, we are convinced that no. substantial question of law arises for consideration by the court which may justify entertaining this appeal. The Commissioner (Appeals) has given cogent reasons for holding that the non-acceptance of the method of accounting adopted by the assessee cannot lead to a conclusion that it had deliberately suppressed the income from the Department and we d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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