2003 (3) TMI 34

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..... nstance of the Revenue, the following question has been referred to us for our consideration: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law and had valid materials in cancelling the penalty levied under section 273(2)(b) of the Income-tax Act, 1961, in this case for the assessment year 1982-83?" The assessee is a Hindu undivided family. It f .....

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..... d cons of submitting evidence to explain the source of income, which were contained in the sheet found during the course of search and reproduced in para. 12 above, or to buy peace by taking advantage under the amnesty scheme, The assessee abandoned the idea of explaining the source of income for extra consideration but opted to seek the benefits under the amnesty scheme. Under these circumstances .....

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