1974 (4) TMI 21

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....me-tax Act, 1961 (hereinafter referred to as " the Act "), requiring the Tribunal to refer the following question of law for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that penalty was not exigible and in deleting the same ? " On facts, there is no dispute that there was concealment of part of the income within the mea....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....if a reference is made to the Explanation to section 271(1)(c) of the Act, which is in the following terms : Where the total income returned by any person is less than eighty per cent. of the total income (hereinafter in this Explanation referrd to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the pur....