TMI Blog1994 (6) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... e for answer, whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the assessee had not concealed particulars of income and accordingly in cancelling the penalty of Rs. 78,600 imposed under section 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "), for the assessment year 1965-66, is one of law, or a pure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or by notice given under sub-section (2) of section 139 or section 148 or has without reasonable cause failed to furnish it within the time allowed and in the manner required by sub-section (1) of section 139 or by such notice, as the case may be, or (b) has without reasonable cause failed to comply with a notice under sub-section (1) of section 142 or sub-section (2) of section 143 or fails to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of twenty-five thousand rupees, the Income-tax Officer shall not issue any direction for payment by way of penalty without the previous approval of the Inspecting Assistant Commissioner. The words in this part of the law that the penalty is not to exceed twice the amount of tax sought to be evaded, imply that it should be found that there has been concealment by the assessee to evade the tax or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is filed by the assessee. The Tribunal has, on these facts, stated as follows : " On a careful consideration of the rival submissions, we are of the opinion that the assessee is entitled to succeed. The assessee had filed a return originally in which the income earned by selling the import licences were not shown. To that extent, therefore, there was concealment in the original return. But befor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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