1978 (3) TMI 64

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.... been referred: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling the penalty of Rs. 72,220 levied under s. 271(1)(c) of the Act ?" For the assessment year 1964-65, for which the previous year ended on July 1, 1963, the assessee returned an income of Rs. 2,01,000. The assessee's business was banking and money-lending. He later filed a revise....

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....d a penalty of an equal amount of Rs. 72,220. On appeal, the Tribunal found that what was brought to tax, namely, Rs. 2,15,000, together with the outstanding as on July 1, 1963, to the extent of Rs. 3,85,000 disclosed under the Finance Act of 1965, cannot be referred to the earnings of any particular year. There being no evidence to show that this sum of Rs. 72,220 added by the ITO could be relate....