TMI Blog2014 (11) TMI 519X X X X Extracts X X X X X X X X Extracts X X X X ..... e termed as deliberate - She presented not only a wrong, incorrect but a non-genuine claim of gift - She was aware that it was untenable and even wrong and incorrect - The reasons assigned by the Tribunal do not indicate that it was unaware of the distinction in clause (c) of sub-section 1 of section 271 of the Income Tax Act, 1961 - the Assessee presented incorrect and untrue facts regarding the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent before us is that the Tribunal erred in law in upholding the levy of penalty and without recording its satisfaction as to whether the penalty under section 271(1)((c) is imposed for the reason that the Assessee has concealed the particulars of the income or furnished inaccurate particulars of such income. In other words, the distinction as mentioned in clause (c ) has been lost sight of by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal recorded that the Assessee knowingly lodged such a claim. She was aware that it was untenable and even wrong and incorrect. The reasons assigned by the Tribunal do not indicate that it was unaware of the distinction in clause (c) of sub-section 1 of section 271 of the Income Tax Act, 1961. The Tribunal has recorded that the Assessee presented incorrect and untrue facts regarding the amount re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e dealers own account books and they were unilaterally included by the Assessing Authority in the turnover of the dealer by denying him an exemption, then, the penalty was not leviable. The penalty could not have then been imposed. This is a finding rendered in the facts before the Supreme Court. There is no general rule which can be said to be laid down, save and except referring to the settled p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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