1990 (10) TMI 60

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....llowing question under section 256(2) of the Income-tax Act, 1961. "Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in cancelling the penalty imposed under section 271 (1)(c) of the Income-tax Act, 1961 ?" The relevant facts are the following : The assessee is a registered firm. For the assessment year 1969-70, it filed a return disclosing an incom....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....see. Since there was no material except the fact that the explanation offered by the assessee was rejected, the Tribunal held that the imposition of penalty is not warranted. The reasoning of the Tribunal is contained in the following extract : "We have considered the facts of the case very carefully and we are of the opinion that the assessee has riot been found guilty of furnishing inaccurate p....