COMMISSIONER OF INCOME TAX Vs. NAV BHARAT TRADERS

JUDGEMENT

(1.) THE challenge in this appeal is to the order dt. 2nd Feb., 1999, passed by the Tribunal, Delhi Bench "A", Delhi, vide which the penalty under S. 271(1)(c) was deleted.

(2.) AFTER hearing counsel for the appellant. We are of the opinion that the following question of law is required to be formulated in this case :

(3.) WE are of the opinion that the matter has not been rightly looked into in the right perspective by the learned Tribunal. In this view of the matter, we allow this appeal and set aside the impugned order dt. 2nd Feb., 1999, and the penalty of Rs. 45,595, which was ordered to be deleted by the Tribunal is hereby set aside and the order of the AO stands restored.