1995 (6) TMI 11

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..... the order dated December 9, 1985, passed by respondent No. 1 under section 264 of the Income-tax Act, 1961, whereby the Commissioner confirmed the order of the Income-tax Officer imposing penalty under section 271(1)(c) of the said Act on the firm for the assessment years 1960 61, 1963-64 and 1964-65. During the pendency of the writ petition, the original petitioner died. In the present case, bot .....

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..... Income-tax Officer were reasonable. However, in the facts and circumstances of the case, respondent No. 1 in respect of the assessment year 1960-61 reduced the penalty amount to Rs. 1,00,000 and the revision petition filed by the assessee came to be partly allowed. In the present case, we do not find any merit in the petition, Firstly, the assessee did not avail of the opportunity given to show .....

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