1973 (9) TMI 26

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....1, runs thus : "Whether, in the facts and circumstances of the case, the order of the Appellate Tribunal in cancelling the penalty was justified in law ? The short facts are that before the Income-tax, Appellate Tribunal an appeal was filed against the imposition of penalty of Rs. 14,500 under section 271(1)(c) read with section 274(2) of the Income-tax Act, 1961. The Tribunal applied the pr....

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....h income, he or it may direct that such person shall pay by way of penalty--......" The Income-tax Act, 1961, came into force on April 1, 1962. Section 271(1)(c) runs thus : "271(1) If the Income-tax Officer or the Appellate Assistant Commissioner in the course of any proceedings under this Act, is satisfied that any person--....... (c) has concealed the particulars of his income or de....

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....rise from any fraud or any gross or wilful neglect on his part, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income for the purposes of clause (c) of this subsection." In this case the accounting period is from August 31, 1963, to September 17, 1964. The return for this accounting year was filed subsequent to September 17, 1964. By that t....