2008 (6) TMI 598

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....revenue by Mr. Rivonkar is that the ITAT has wrongly deleted the penalty imposed by the Assessing Officer. According to the learned Counsel, it was incumbent on the ITAT to maintain the penalty in view of section 271 of the Income-tax Act, the relevant portion of which reads as follows :- "Explanation 1.-Where in respect of any facts material to the computation of the total income of any pe....

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....re charged with concealment of income. However, the ITAT found that there was no concealment of income within the meaning of the Act, since the assessees had disclosed all the details in the returns filed prior to receipt of notice under section 148 of the Act. The returns, appear to have been filed late and the delay has been admittedly condoned by the Assessing Officer. Admittedly, the assessees....