JAWAHAR LAL GUPTA,J. - (1.) THE Revenue is aggrieved by the order passed by the Tribunal. A few facts relevant for the decision of this case may be noticed.
(2.) THE respondent-assessee filed the return of income which was processed under S. 143(1)(a) of the IT Act, 1961. Proceedings under S. 271B of the IT Act were initiated. A show-cause notice was issued. It was alleged that provisions of S. 44AB had not been complied with. The assessee filed an explanation. It was not accepted. Vide order dt. 28th Aug., 1991, the assessing authority levied a penalty of Rs. one lac. The assessee filed an appeal. It was dismissed by the CIT(A) vide order, dt. 2nd Dec., 1991. However, the order regarding the levy of penalty was reversed by the Tribunal vide its order, dt. 12th April, 1999. The Revenue has filed the present appeal under S. 260A of the IT Act, 1961. Notice of motion was issued.
(3.) COUNSEL for the parties have been heard.;