1995 (6) TMI 11

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.... S. H. KAPADIA J.--By this petition, the original petitioner seeks to challenge the order dated December 9, 1985, passed by respondent No. 1 under section 264 of the Income-tax Act, 1961, whereby the Commissioner confirmed the order of the Income-tax Officer imposing penalty under section 271(1)(c) of the said Act on the firm for the assessment years 1960 61, 1963-64 and 1964-65. During the pen....

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....the impugned order dated December 9, 1985, found that the penalties levied by the Income-tax Officer were reasonable. However, in the facts and circumstances of the case, respondent No. 1 in respect of the assessment year 1960-61 reduced the penalty amount to Rs. 1,00,000 and the revision petition filed by the assessee came to be partly allowed. In the present case, we do not find any merit in ....