2002 (5) TMI 15 - RAJASTHAN HIGH COURT

"Whether, Tribunal was justified in cancelling the penalty levied under section 271(1)(c)? - Whether, Tribunal was justified in holding that the claim of higher deductions under Chapter VI-A by way of revised return was bona fide being based on legal opinion obtained by the assessee notwithstanding that the claim was not in accordance with the provisions of law and also that no such plea of having obtained legal opinion was raised during the course of assessment proceedings? - Whether, Tribunal was justified in holding that there was no difference in the figures of income returned originally, revised income and assessed income? - Whether, Tribunal was justified in holding that the assessee had successfully discharged the burden of proof which lay on it in terms of Explanation to section 271(1)(c)?" - The finding of the Tribunal that when the assessee has claimed some amount though that is debatable, in such cases, it cannot be said that the assessee has concealed any income or furnished inaccurate particulars for evasion of the tax. In view of the findings of the Tribunal, no case is made out for interference by this court. - In the result, we answer all the four questions in the affirmative, i.e., in favour of the assessee and against the Revenue.