2003 (3) TMI 18

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....ear is 1981-82. The question referred to us at the instance of the Revenue is "whether, on the facts and in the circumstances of the case, the Tribunal was right in cancelling the penalty levied under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1981-82?" The Commissioner and the Tribunal, disagreeing with the Assessing Officer, have held that penalty was not leviab....

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....ate; that he had brought a sum of Rs. 7,50,000 from Singapore in the year 1964 and that the assets acquired thereafter out of that sum and the income derived from the assets acquired were reported in the returns filed. It was also the accepted case of the assessee that he was under the bona fide belief that he was not required to file returns as he had brought the monies from abroad. The power ....