2004 (11) TMI 69

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..... d the following question of law under section 256(1) of the Income-tax Act, 1961, for opinion to this court: "Whether the Tribunal was correct in upholding levy of penalty of Rs. 6,000 under section 271(1)(c) of the Income-tax Act, 1961 in relation to the assessment year 1975-76?" Briefly stated, the facts giving rise to the present reference are as follows: The reference relates to imposition .....

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..... imposition of penalty and, therefore, the Income-tax Officer inferred that the applicant was guilty of concealment and imposed penalty of Rs. 12,000 under section 271(1)(c) of the Act. The Appellate Assistant Commissioner has upheld the imposition of penalty but reduced the amount to Rs. 6,000 which order has been upheld by the Tribunal. We have heard Sri Rakesh Kumar, learned counsel for the app .....

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