1985 (5) TMI 15

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....tions referred to us in this reference have already been set out in the judgment in I.T.R. No. 217 of 1975 For convenience, they are repeated again. They are as follows: "(1) Whether, on the facts and in the circumstances of the case, the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, was justified ? (2) If the answer to the aforesaid question is in the affirmative, whe....

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.....R. No. 217 of 1975 decided today. A penalty of Rs. 2,50,000 was levied by the Inspecting Assistant Commissioner of Income-tax under section 271(1)(c) of the Income-tax Act, 1961, in relation to three items, viz , Rs. 2,51,039, relating to the purchase of land in village Majeshwar, a profit of Rs. 3,76,490 treated as the assessee's profit and Rs. 10,402 relating to the purchase of other land throu....