TMI Blog1990 (10) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... atna, has referred the following question of law to this court for its opinion : "Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the penalty for the assessment year 1969-70 imposed under section 271(1)(c) read with the Explanation thereto of the Income-tax Act, 1961 ?" The material facts giving rise to this reference, briefly, are as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee was deriving income from business, the assessee had not utilised the loans from various parties for business purposes but the loans were utilised for construction of the property and hence the claim for deduction of interest made by the assessee was not justified. It was, therefore, contended that the Income-tax Officer had rightly found that the assessee was guilty of concealment of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material on record, that it was not a case of concealment of income. In view of this finding by the Tribunal, it must be held that the Tribunal was justified in cancelling the penalty for the assessment year 1969-70. My answer to the question referred to this court, therefore, is in the affirmative and against the Revenue. In the circumstances of the case, the parties shall bear their own costs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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