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2004 (7) TMI 58 - HC - Income TaxImposition of the penalty u/s 271(1)(c) - "Whether Tribunal was justified in law in invoking at the Appellate Tribunal's stage the provisions of Explanation 1 to section 271(1)(c), as applicable with effect from April 1,1976, and thereby upholding the imposition of the penalty of Rs. 13,000 on the assessee under section 271(1)(c)?" - Tribunal accepted the submissions made on behalf of the assessee, namely, that since it had filed the return of income on February 10, 1978, the provisions as they stood on that day could be applicable – Tribunal directed ITO to recompute the quantum of penalty imposable under section 271(1)(c) with reference to the tax sought to be evaded by the assessee. – Held that Tribunal was justified in invoking the provisions of Explanation 1 as it stood on February 10, 1978, i.e., the date of filing the return
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