https://www.taxtmi.com/caselaws?id=26831 The Tribunal cancelled concealment penalties under section 271(1)(c) by relying on earlier decisions accepting the assessee's explanation. The High Court noted that the earlier view drawn from section 28(1)(c) of the 1922 Act no longer governed the interpretation of section 271(1)(c) of the Income-tax Act, 1961 after a later Full Bench ruling. On that basis, the legality of cancelling the penalties raised a referable question of law arising from the Tribunal's order, and Question No. 1 was directed to be referred for the Court's opinion. en-us Mon, 08 Jul 1985 00:00:00 +0530 Mon, 08 Feb 2010 17:04:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26831 The Tribunal cancelled concealment penalties under section 271(1)(c) by relying on earlier decisions accepting the assessee's explanation. The High Court noted that the earlier view drawn from section 28(1)(c) of the 1922 Act no longer governed the interpretation of section 271(1)(c) of the Income-tax Act, 1961 after a later Full Bench ruling. On that basis, the legality of cancelling the penalties raised a referable question of law arising from the Tribunal's order, and Question No. 1 was directed to be referred for the Court's opinion. Case-Laws Income Tax Mon, 08 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26831