TMI Blog2003 (11) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... ue did not agree with the assessee's view that the discount to be given by it to its customers which was to take effect in future years could be shown as an amount due to sundry debtors, would not by itself justify a finding that the assessee had concealed the income or furnished inaccurate particulars - we do not find sufficient justification for the imposition of the penalty - - - - - Dated:- 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed from it during the previous assessment year. The Tribunal has found that such discount was in fact given during the accounting years 1985-86, 1986-87 and 1987-88 and that as on March 31, 1989, a sum of Rs. 6,09,410.68 was still with the assessee. When that sum of Rs. 19,19,622 was brought to tax, though the assessee filed an appeal, that appeal was subsequently withdrawn and the assessee pai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to take effect in future years could be shown as an amount due to sundry debtors would not by itself justify a finding that the assessee had concealed the income or furnished inaccurate particulars. The battle of wits between the assessee and their advisors on the one hand and the Revenue on the other is bound to result in different view points being projected and, as long as there is nothing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e particulars furnished by them and ensure that particulars furnished are indeed accurate. The power under section 271 is discretionary and it is while exercising the discretion that the factors referred to by us are required to be taken into account. On the facts of this case, we do not find sufficient justification for the imposition of the penalty. It cannot be said that there has been concealm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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