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1984 (2) TMI 173
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....) of sub-section (1) of section 271 of the Income-tax Act, 1961 for the assessment year 1974-75. 2. The circumstances in which the penalty came to be imposed may be noted. The assessee owned a building, which was sold by him for Rs. 20,000 on 5th September, 1973. The factum of the sale of property was declared by the assessee in his return and it was also mentioned by him therein that the capit....
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....,000 on the assessee. 3. The assessee appealed against the aforesaid order to the AAC who deleted the penalty. The departmental has now appealed before the Tribunal against the aforesaid order of the learned AAC. 4. I have heard the learned Departmental representatives as well as the assessee. According to me, the order of the learned AAC is entirely in order. Sub-section (2) of section 32 o....