2001 (10) TMI 15

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....er section 256(2) of the Income-tax Act, 1961, at the instance of the Department. The respondent-assessee firm deals in certain brands of cigarettes manufactured by Godfrey Philips India Ltd. During the search and seizure operation on January 9, 1986, certain incriminating documents were found and they were seized. During the course of proceedings under section 132(5) the partners of the firm, ....

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....e view that it was not a fit case for imposing of penalty under section 271(l)(c) of the Income-tax Act. Accordingly, the Tribunal set aside the order of the assessing authority. It is contended by Mr. L. M. Lodha, learned counsel for the Department, that once the concealment has been admitted by the assessee, there was no option for the assessing authority but to accept those penalties as per ....