1997 (3) TMI 25

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....ion 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1973-74?" The assessee is a film artiste, in the assessment year 1973-74, in whose assessment, a number of additions were made. Penalty of Rs. 33,153 was levied by the Inspecting Assistant Commissioner in respect of two of the items, namely, and addition of Rs. 2,153 estimated as income from self-occupied residential property and Rs. 25,000 in respect of capital gains out of Gowrivakkam lands. On appeal, the Tribunal found that the construction of the property and the properties themselves were under the purview of the Income-tax Officer. The assessee had claimed that the residential property was occupied only in April, 1971. The Tribunal found that the income was a notio....

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....e assessee went in for a settlement would not prevent the Department to proceed with the levy of penalty under section 271(1)(c) of the Act. It was therefore, pleaded that the Tribunal was not correct in deleting the penalty levied on both the items of property. On the other hand, learned counsel appearing for the assessee while supporting the order passed by the Tribunal contended that the Tribunal on the basis of facts came to the conclusion that there was no concealment of income and, therefore, penalty is not exigible under section 271(1)(c) of the Act. We have heard both the learned standing counsel for the Department as well as learned counsel for the respondent assessee. The first item relates to a sum of Rs. 2,153 estimated....