1983 (12) TMI 26

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..... which the petitioner is the karta. The order under challenge in this petition was passed on December 21, 1978, by the Commissioner of Income-tax under s. 273A of the I.T. Act, 1961, and the relevant assessment years are 1968-69 to 1975-76. The assessee claims that among the properties held by the HUF are shares in two private limited companies, M/s. Sunderdas Thackersey and Bros. Pvt. Ltd. and M/ .....

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..... t the relevant facts about the declaration of the dividends and non-receipt of the same, the assessee pointed out that the particulars of dividends were disclosed voluntarily and in good faith and before detection by the ITO. The assessee offered to pay the tax that may be found payable even with respect to the assessment years for which action has become time-barred. The assessee offered to co-op .....

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..... the Gujarat High Court in Rasiklal Ranchhodbhai Patel v. CWT [1980] 121 ITR 219, where it was observed that the Commissioner must disclose how his mind works in law and why it was decided not to waive the penalty but to reduce it and how the particular figure was arrived at. In my judgment, as the impugned order is entirely silent as to what reasons prompted the Commissioner to reduce the penalty .....

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