1976 (3) TMI 48

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....x Act, 1961, at the instance of the revenue, the Income-tax Appellate Tribunal, Cuttack Bench, has stated this case and referred the following question for opinion of the court : " Whether, on the facts and in the circumstances of the case, the learned Tribunal is justified in cancelling the penalties under section 271(1)(c) of the Income-tax Act ? " The assessee is an individual dealing in ....

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....the trading account were filed with the Income-tax Officer and those were not thrown away by the revenue. The accounts were accepted and thenceforward the Income- tax Officer proceeded to compute the income of the assessee. He further submits that the assessee has not returned the income basing on estimate or guess work. The cases relied upon by the Inspecting Assistant Commissioner have no releva....

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....nalty was unsustainable and, therefore, cancelled the same. It has been indicated by the Supreme Court in the case of Hindustan Steel Ltd. v. State of Orissa, dealing with imposition of penalty under the Orissa Sales Tax Act, that merely because a statute provides for imposition of penalty, penalty is not imposable and, taking the totality of the facts into consideration, it is open to the auth....