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1984 (9) TMI 18
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....e answered in this reference under s. 256(1) of the I.T. Act, 1961, made at the instance of the Revenue reads thus : " Whether, on the facts and in the circumstances of the case, the quantum of penalty leviable against the assessee in the present case should be computed under the provisions of section 271(1)(c) of the Income-tax Act, 1961, as it came to be amended with effect from 1st April, 19....
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....re his name-plate. The Collector of Customs had come to the conclusion that the watches belonged to the assessee and had been illegally acquired by him after having been smuggled into India. The ITO noticed that this conclusion of the Collector of Customs had been accepted by the assessee. The ITO called upon the assessee to show how the 90 watches had been accounted for by him and to produce evid....
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....bunal against the levy of penalty. The Tribunal held that the assessee was liable to pay the penalty. It held that the assessee had failed to disclose the fact of the income in the return which had been filed by him on June 30, 1964. It noticed the provisions of s. 271(1)(c), as they stood prior to April 1, 1968, when the minimum penalty leviable was 20 per cent of the tax which would have been av....