TMI Blog2004 (4) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... accurate particulars to evade the tax?" - Penalty cancelled on the ground that since there was no positive income assessed, it could not be said that any tax was sought to be evaded. – No infirmity in tribunal’s order – revenue’s appeal dismissed - - - - - Dated:- 16-4-2004 - Judge(s) : N. K. SUD., HEMANT GUPTA. JUDGMENT The judgment of the court was delivered by N.K. SUD J. - The Revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed deliberately inaccurate particulars to evade the tax?" Earlier, the Revenue's petition under section 256(1) of the Act requesting the Tribunal to refer the said question had been declined by the Tribunal vide order dated December 19, 1995. The assessee had filed its return of income for the assessment year 1976-77 declaring a loss of Rs. 1,58,876. The Assessing Officer assessed the net lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here was no positive income assessed in the present case, it could not be said that any tax was sought to be evaded. The Revenue preferred an appeal before the Tribunal which was dismissed vide order dated April 4, 1995. The Tribunal while upholding the cancellation of penalty placed reliance on the judgment by this court in CIT v. Prithipal Singh and Co. [1990] 183 ITR 69 which has since been aff ..... X X X X Extracts X X X X X X X X Extracts X X X X
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