1978 (3) TMI 31

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.... SATISH CHANDRA C.J.--The assessee is a Hindu undivided family. It carries on business of money-lending and pawning. It derives income from the sale of ornaments which are not redeemed, though pawned or pledged. For the assessment years 1967-68 and 1968-69, the assessee returned an income of Rs. 14,890 and Rs. 17,175, respectively. The assessments were completed on an income of Rs. 23,060 and Rs....

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....t held that the enhancement of income could not be said to be due to fraud or wilful neglect on the part of the assessee. The levy of penalty was cancelled. At the instancee of the Commissioner, the Tribunal has referred the following questions of law for our opinion : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was in law justified in cancelling the penalti....

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....2 (All) does not give the facts completely. It does not mention all the findings of the Tribunal. Since the Bench considered that on an overall view of the matter the ultimate finding of the Tribunal was one of fact, it did not consider it worthwhile to discuss the various factual aspects determined or found by the Tribunal, elaborately in its own judgment. They went on to observe that no separate....

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....ade, no penalty under section 271(1)(c) can be imposed, is not a correct view. Action under section 271(1)(c) can appropriately be taken even in a case where an assessment is a best judgment assessment. Even in such a case, the Tribunal should apply its mind to the facts to see whether it was a case of concealment or furnishing of inaccurate particulars and, if so, whether the assessee has been ab....