2001 (2) TMI 280

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..... yr. 1989-90. The assessee has challenged the partial confirmation of penalty under s. 271(1)(c) whereas the Revenue has challenged the relief granted by the CIT(A). 2. For the assessment year in question the assessee filed its return of income showing loss of Rs. 2.36 crores and the assessment was completed at a loss of Rs. 1.21 crores. The AO initiated penalty proceedings for concealment of inc .....

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..... The Hon'ble Supreme Court has dismissed the appeal filed by the Department and this fact has been conceded by the learned Departmental Representative who has simply prayed that reference to the decision of Hon'ble Karnataka High Court in the case of P.R. Basappa Sons vs. CIT (2000) 159 CTR (Kar) 198 : (2000) 243 ITR 776 (Kar) may be made in which the view is contrary to the view of Punjab Har .....

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