COMMISSIONER OF INCOME TAX Vs. AGRO CHEMICALS (INDIA)

JUDGEMENT

(1.) THE Revenue has approached this Court by raising the following substantial question of law arising out of order of the Tribunal Amritsar Bench, Amritsar in ITA No. 509/Asr/1999 for the asst. yr. 1988 -89 whereby the penalty levied under s. 271(1)(c) of the IT Act (for short 'the Act') has been set aside by the Tribunal :

(2.) WE have heard the learned counsel for the Revenue and perused the record.

(3.) THE assessee failed in his appeal before the CIT(A), however, the Tribunal accepted the appeal by recording the following finding in para 6.4 :