1980 (3) TMI 59

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.... 1961 : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in ordering the imposition of penalty on the assessee under section 271(1)(c) read with section 274 of the Income-tax Act, 1961,on the annual income of M/s. Hindusthan Trading Corporation on the return filed by Sm. Bhadra Mitra ? 2. If the answer to question No. 1 is in the affirmative, whethe....

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....The said finding of the Tribunal was based on an admission made by the assessee in the earlier appeals that the aforesaid business belonged to him. In that view of the matter, the Tribunal upheld the inclusion of income from the said business. The Tribunal, however, remanded the question of inclusion of capital gains in the assessment of the assessee to the AAC for a fresh decision. In the p....

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....Tribunal has remanded the question of inclusion of capital gains in the assessment of the assessee.Therefore, in our opinion, the Tribunal was not justified in confirming the quantum of penalty which included the capital gains. In the premises, we answer question No. 2 in the negative and in favour of the assessee. The Tribunal will re-hear both the parties on the issue of inclusion of penal....