In the result, the appeals of the assessee are allowed and appeals of the revenue are dismissed
Bench: Shri N. V. Vasudevan, Jm & Shri M. Balaganesh, Am] I.T.A Nos. 1222 To 1226/Kol/2011 Assessment Years: 2003-04 To 2007-08
271C of the Act that it is necessary to establish that there was contumacious conduct on the part of the assessee. The tribunal also placed reliance on the decision of the Hon’ble Delhi High Court in the cases of Itochu Corporation reported in 268 ITR 172 (Del) and CIT vs Mitsui & Company Ltd reported