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1984 (3) TMI 161
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....r on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty order passed by the IAC Dibrugarh Range, Dibrugarh under s. 271(1)(c)?" 2. The facts of the case are in a very narrow compass and may be noted. Shri R. C. Malpani submitted returned of income for asst. yr. 1970-71 showing a total income of Rs. 17,000. The assessment was however, completed o....
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....he specific finding of the Tribunal that the company was a sham one and existed only in name and that the income accruing of arising from the contract in the name of said company actually belonged to the assessee." The Tribunal directed that the IAC should make fresh disposal after taking the above observation of the Tribunal into account and after giving the assessee an opportunity of being heard....
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....one. The Tribunal deleted the penalty imposed on the assessee by observing inter alia, as follows" "It is seen from the copy of the order that IAC has dropped the penalty proceedings under s. 271(1)(c) for other years as placed in the paper book filed on behalf of the assessee. That apart, the IAC had not brought fresh facts and materials required for the purpose of s. 271(1)(c). Evidence and m....