CIT Vs. TRANSCEIVERS INDIA LTD.

JUDGEMENT

(1.) THE Revenue is aggrieved by the order of the Income Tax Appellate Tribunal (hereafter referred to as ITAT) dated 11.02.2011 upholding the Appellate Commissioner's direction to delete the penalty imposed upon the assessee, for furnishing inaccurate particulars under Section 271(1)(c) of the Income Tax Act, 1961 (hereafter referred to as Act).

(2.) THE brief facts - for the purposes of the present appeal - are that for Assessment Year (AY) 2001 -02, the assessee, which used to supply technical equipments to Government agencies, claimed certain expenditure of Rs. 69,67,886/ - as commission to one M/s. Simoco and Rs. 2,65,32,114/ - as professional and technical fees to the same concern. The Assessing Officer (AO) did not accept these expenditures, and computed the total income at Rs. 4,79,23,280/ -. The assessee was unsuccessful before the appellate Commissioner and ITAT. Even this Court refused to frame the substantial question of law and dismissed its appeal under Section 260A.

(3.) THE ITAT upheld the CIT (A) 's determination in the impugned order upon Revenue's appeal. It was held as follows: -