1999 (11) TMI 8

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....for the opinion of this court. Question in I. T. A. No. 151 : "Whether, on the facts and in the circumstances of the case, particularly in view of the assessee's letter dated December 17, 1985, relied upon by the Tribunal in I. T. A. No. 525 (Alld.) of 1987, the Appellate Tribunal was right in holding that penalty under section 271(1)(c) was exigible ?" Question in I. T A. No. 157 : "(i) Whether, on the facts and in the circumstances of the case, particularly in view of the assessee's letter dated December 17, 1985, relied upon by the Tribunal in I. T. A. No. 525 (Alld.) of 1987, the Appellate Tribunal was right in holding that penalty under section 271(1)(c) was exigible ? (ii) Whether, on the facts and in the circumstances ....

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....r cent. to the sales as disclosed by seized papers. The Assessing Officer initiated proceedings for the levy of penalty under section 271(1)(c) for concealment of income but the applicant's contention was that there was no concealment and that through a letter dated December 17, 1985, it had offered to be assessed at a net profit rate of 3 per cent. on the amount of sales subject to the condition that no penalty is levied. This explanation has not been accepted and the penalties have been upheld in the first and second appellate stage also. The common question that is raised in these petitions is whether the Tribunal was right in upholding the levy of penalty in view of the assessee's letter dated December 17, 1985. The Tribunal has foun....