2005 (3) TMI 71

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.... the respondent. He contended that there was time gap, which are unexplained. The learned advocate for the appellant, on the other hand, contended that the delay has been sufficiently explained. After having heard learned counsel for the parties, we find that the delay has sufficiently been explained. Accordingly, we allow the application for condonation of delay. Delay is condoned. The applica....

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....d Co. [1990] 183 ITR 69 (P & H) since affirmed by the apex court in the case of CIT v. Prithipal Singh and Co. [2001] 249 ITR 670. In the present case, a loss return was shown by reason of the alleged concealment. The loss remained static and there was no change on the loss. It was found that there was no concealment, inasmuch as, though this amount was debited in the purchase account, but the ....

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....e (c) can be imposed if tax is sought to be evaded by reason of furnishing of inaccurate particulars of such income. Unless any tax is evaded, penalty cannot be imposed. At the same time, sub-clause (iii) itself indicates that the minimum amount of penalty to be imposed should be equal to but not exceeding three times the amount of tax sought to be evaded by reason of furnishing inaccurate particu....