1991 (1) TMI 92

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....owing question has been stated by the Income-tax Appellate Tribunal, Allahabad Bench : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in cancelling the penalty of Rs. 15,000 imposed by the Inspecting Assistant Commissioner under section 271(1)(c) read with its Explanation ?" For the assessment year 1968-69, the assessee filed a return disclosing....

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....dditions made and also on account of certain disallowances made. Another factor was the addition of Rs.7,300 as profit under section 41(2). The Tribunal held and, in our opinion rightly, that merely because there is difference between the returned income and assessed income, penalty ought not to be levied. Even with respect to the item of Rs. 7,300, the Tribunal has given a valid reason. It is tru....