Penalty to be set aside if revenue accepts that Assessee is eligible for immunity u/s. 271(1)(c) although he is not eligible

IN THE ITAT KOLKATA BENCH ‘A’ Deputy Commissioner of Income-tax Versus Sheo Kumar Kajaria IT Appeal Nos. 1425-1426 (Kol.) of 2010 [Assessment years 2004-05 and 2005-06] August 1, 2012 ORDER Sanjay Arora, Accountant Member This is a set of two Appeals by the Revenue contesting the Order u/s. 154 r.w.s. 250 of the Income-tax Act, 1961 (‘the Act’ hereinafter) dated 26-05-2010 by the Ld. Commissioner of Income-tax (Appeals)(Central)-III, Kolkata (‘CIT(A)’ for short) for the assessment years (A.Ys.) 2001-02 to 2006-07. 2. The brief facts of the c...