2002 (2) TMI 88

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.... Tribunal has referred the following' question for our opinion: "Whether, on the facts and in the circumstances of the case, the Income tax Appellate Tribunal was justified in deleting the penalty of Rs. 19,837 (for the assessment year 1973-74) Rs. 11,570 (for the assessment year 1974-75) levied under section 18(1)(a)?" The relevant assessment years are 1973-74 and 1974-75. The case of the a....

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....iabilities. It has, therefore, been contended that since the returned wealth was below the taxable limit and the enhancement was on account of difference of opinion, there was no case for imposing penalty for the assessment year 1973-74. It is also contended that the assessee had returned the value of the plot at Rs. 16,000 and of two buses at Rs. 1 lakh, while the authorities below assessed their....

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.... and, therefore, there was honest difference of opinion on the admissibility of this liability also. It has, therefore, been contended that no penalty was exigible. Similar arguments have been advanced for the assessment year 1974-75. The returned wealth for this year is at Rs. 1,11,979. Shri Ranka learned counsel for the assessee, contended that the return for the assessment years 1973-74 and 197....

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.... not filed the return intentionally when he was already on the G. I. R. as an income-tax payer. For this proposition he relied upon the decision of the Orissa High Court, reported as Taxman 204. The learned Departmental Representative, on the other hand, has supported the orders of the authorities below and has contended that when the assessee entertained a belief that tax liability was to be give....