Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 1974 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1974 (5) TMI 2 - HC - Income TaxAssessee concealed income of Rs. 8,000 from undisclosed sources. Therefore, the penalty proceedings under section 271(1)(c) had been started separately - When the Income-tax Officer refers the issue of levy of penalty to IAC under section 274(2) whether he is entitled to decide that penalty should be levied in respect of a larger amount - we are of the opinion that no penalty was exigible in the circumstances of this case because the amount of Rs. 8,000 which was held to be exigible for penalty was found by the Tribunal not to be so exigible - we answer all the three questions referred to us in the negative, that is, in favour of the assessee and against the department
|