2005 (2) TMI 13

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....he Income-tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this court "Whether, on the facts and in the circumstances of the case, the Tribunal was, in law, justified in holding that penalty provisions under section 271(1)(c) of the Act are not attracted in this case and, thus, in deleting the penalty imposed under section 271(1) (c) of the Act ?" 2 The dispute relates to ....

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....lty proceedings under section 271 (1) (c) of the Act. In reply to the show-cause notice it was contended by the assessee that all the details of purchase and sale of machinery were filed along with the original return and after seeing the details the assessment was completed under section 143(3) of the Act. The assessee submitted that it did not file inaccurate particulars of its return of income.....

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....tion 271(1)(c) were initiated for' assessment year 1981-82 also. As sum of Rs. 7,000 was levied as penalty under section 271(1)(c) of the Act. 4 The Deputy Commissioner of Income-tax (Appeals) confirmed the penalty orders in the two appeals filed by the assessee in respect of the aforesaid two assessment years. In further appeal, the Tribunal found that the assessee filed the full particulars o....