COMMISSIONER OF INCOME TAX Vs. AMAZONE EXPORTS INC.

JUDGEMENT

(1.) DESPITE service, no one appears for the Respondent.

(2.) INCOME -tax Appellate Tribunal ('Tribunal') Delhi Bench 'SMC', New Delhi, in ITA No.2041/Del/2005 for the asst. yr. 1998 -99.

(3.) BY the impugned order, the Tribunal allowed the appeal filed by the assessee challenging the levy of penalty under s. 271(1)(c) of the Act. The penalty was set aside by the Tribunal on the ground that the AO had not recorded any satisfaction in the assessment order that there was either concealment or inaccurate particulars furnished by the assessee.