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1974 (2) TMI 15
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....tion 256(1) of the Income-tax Act, 1961. Ex parte assessment orders were passed against Sri Lalit Mohan for the assessment years 1962-63 and 1963-64 and in due course penalties were levied on him under sections 271(1)(a), 271(1)(b) and 273(b) of the Income-tax Act, 1961. On appeal against the assessments, the Appellate Assistant Commissioner of Income-tax held that the status of the assessee fo....
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....ances of the case, the Tribunal was right in holding that the cancellation of penalties levied upon the assessee under sections 271(1)(a), 271(1)(b) and 273(b) of the Income-tax Act, 1961, relating to the assessment years 1962-63 and 1963-64 was valid having regard to the fact that the status of the assessee had been finally determined as that of a Hindu undivided family ? " Now, penalty can be....