- (1.) In this appeal preferred by the Revenue, the dispute is regarding penalty under Section 271-D of the Income Tax Act, 1961 (hereinafter referred as the "Act") imposed for contravening the provisions of Section 269-SS of the Act.
(2.) The appeal was admitted on the following substantial questions of law:- "Whether the Income Tax Appellate Tribunal was justified in law in deleting the penalty under Section 273-D of the Income Tax Act, 1961 amounting to Rs.46,00,000/- which was levied on account of violation of Section 269-SS of the Income Tax Act, 1961 on the technical ground without going to the spirit of provisions of Section 269-SS of the Income Tax Act, 1961."
(3.) In an attempt to answer the above question, it is appropriate to narrate some brief facts giving rise to this appeal.;