COMMISSIONER OF INCOME TAX Vs. SHRI RAJESH RANA

JUDGEMENT

(1.) THIS appeal has been preferred by the Revenue under Section 260A of Income Tax Act, 1961 (for short, "the Act") against the order of Income Tax Appellate Tribunal, Amritsar Bench, Amritsar, dated 3.8.2007 passed in ITA No. 381 (ASR)/2006 -Assessment Year 1994 -95, proposing to raise following substantial questions of law:

(2.) WHETHER on the facts and in the circumstances of the case, the ratio of judgment of the Hon'ble Punjab and Haryana High Court in the case if CIT v. Munish Iron Store reported at, 263 ITR 483 is applicable in the present case when the finding regarding furnishing of inaccurate particulars of income have been given in the assessment order in a detailed manner?

(3.) ON appeal, CIT(A) set aside the penalty only on the ground that from the proceedings recorded by the A.O., the requirement of Section 271(1)( c) of the Act was not met as it was not recorded that a case of penalty was made out while mentioning that notice for penalty proceedings had been separately issued.