1992 (8) TMI 52

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....tance of the Revenue under section 256(2) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in cancelling the penalty levied under section 271(1)(c) of the Act?" The Central excise authorities conducted a raid on the business and residential premises of the assessee on March 28/29, 1970, and during the cours....

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....s finding has riot been challenged as such by the Revenue. Taking this view, the Tribunal concluded that in view of the Explanation to section 271(1)(c) of the Act, the onus which was on the assessee was to show that failure to disclose complete income did not arise from any fraud or wilful neglect on his part. The Tribunal having found that there is nothing to suggest that these goods had been ac....