1979 (8) TMI 2 - SUPREME COURT

Whether the Tribunal was, in law, right in sustaining the penalty of ₹ 2,955 by applying the provisions of section 271(1)(c)(iii) of the Income- tax Act, 1961, as amended w.e.f. April 1, 1968 - held that cl. (iii) substituted in sub-s. (1) of s. 271 of the I. T. Act, 1961, governs the case before us and, therefore, the penalty imposed on the assessee in the instant case is covered by that provision - We answer the question in the affirmative, in favour of the revenue