1990 (12) TMI 41

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..... following question under section 256(2) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the penalty levied under section 271 (1) (c)/274 of the Income-tax Act ?" The assessment year concerned is 1966-67. The assessee is a registered firm dealing in jewellery and also carrying on business as pawnbrokers and .....

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..... T v. Karnail Singh V. Kaleran [1974] 94 ITR 505, holding that the Explanation appended to section 271 (1) (c) by the Finance Act, 1964, did not supersede the decision of the Supreme Court in Anwar Ali's case [1970] 76 ITR 696. The Tribunal also followed the decision of the Delhi High Court which reiterated the principle in Anwar Ali's case [1970] 76 ITR 696 (SC). Indeed, the Tribunal's order does .....

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