2007 (7) TMI 275

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..... ication. "1. Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was legally justified in dismissing the Departmental appeal and confirming the order of the Commission of Income-tax (Appeals) cancelling the penalty under section 271(1)(c) of Rs. 23,65,000 even when the assessee was new one and it has not made compliance to fulfil the legal obligat .....

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..... s assessed the tax for several assessment years before the assessment year 1984-85. We, therefore, agree with the Commissioner of Income-tax (Appeals) that Explanation 3 below section 271(1)(c) does not apply to the present case. It applies only to a person, who has not previously been assessed under the Act. We also agree on the basis of the case law relied upon by the Commissioner of Income-tax .....

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