1999 (2) TMI 49

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....easons for holding that the penalty is not leviable on the assessee. The reasons given are that there was a dispute between the lessee and the lessor of the theatre which has resulted in the proceedings in court, that the statement relied on by the Income-tax Officer was not a statement obtained from the lessee in the presence of the lessor ; that the lessor had not been given an opportunity to cr....

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....t in the case of Sir Shadilal Sugar and General Mills Ltd. v. CIT [1987] 168 ITR 705, has pointed out that not every case of non disclosure warrants imposition of penalty as the assessee may forgo a deduction or offer higher sums for taxation for a hundred and one different reasons and all of them cannot be regarded as reasons which are unworthy of acceptance. The Supreme Court in that case held t....