1985 (5) TMI 15

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..... have already been set out in the judgment in I.T.R. No. 217 of 1975 For convenience, they are repeated again. They are as follows: "(1) Whether, on the facts and in the circumstances of the case, the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, was justified ? (2) If the answer to the aforesaid question is in the affirmative, whether, on the facts and in the circumstance .....

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..... Rs. 2,50,000 was levied by the Inspecting Assistant Commissioner of Income-tax under section 271(1)(c) of the Income-tax Act, 1961, in relation to three items, viz , Rs. 2,51,039, relating to the purchase of land in village Majeshwar, a profit of Rs. 3,76,490 treated as the assessee's profit and Rs. 10,402 relating to the purchase of other land through four parties, Shri Kartar Singh, Shri A. D. G .....

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