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2002 (11) TMI 41 - HC - Income Tax"1. Whether, Tribunal was right in law in cancelling the penalty levied under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1980-81? and 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in failing to appreciate the fact that the assessee's acceptance of the income assessed was not a voluntary one?" - It is not a case where the Appellate Tribunal was not conscious of the applicability of Explanation 1 to section 271 of the Act, but it is a case where the Appellate Tribunal found that Explanation 1 to section 271(1) of the Act would be applicable, and the Appellate Tribunal proceeded on the basis and held that there was no concealment of income. Since the Appellate Tribunal has proceeded on the basis and held that there was no concealment of income, we hold that the finding is a finding of fact. Accordingly, we answer both the questions of law referred to us in the affirmative, against the Revenue and in favour of the assessee.
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