2005 (4) TMI 589

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....question of law under s. 256(2) of the IT Act, 1961 ("the Act") for opinion to this Court: "1. Whether on the facts and in the circumstances of the case, there was any material on record to sustain the findings of the Income-tax Appe-llate Tribunal in deleting the penalties under section 271(1)(c) in respect of the assessment years 1978-79 and 1981-82 to 1986-87 and also penalties under s....

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....s of the assessee and her husband and the third one was in the name of her husband and a third person. The assessee admitted the undisclosed investment in fixed deposit receipts (FDR) of Rs. 24, 500 and it was submitted by her that although she is in a position to offer explanation regarding the sources of acquisition of FDRs but to avoid long drawn out process of litigation, she offered the inclu....

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....f the AO that the assessee had taxable income in earlier years, has not been recorded by the AO. 5. Heard Shri Shambhu Chopra, the learned standing counsel for the Department. None appeared on behalf of the respondent-assessee. 6. In the present reference we find that the return of income of the assessee has been accepted by the Department. Search warrant was issued against the husband of th....