TMI Blog1982 (8) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... two sons, Lachhman Dass and Sat Parkash, as partners. After the death of Pyare Lal, it was reconstituted on February 22, 1960, and Smt. Basanti Devi, his widow, was introduced in his place. Yet another change took place in the constitution of the firm on March 23, 1962, whereby Smt. Basanti Devi retired and Omkar, son of Kishan Chand, was taken as partner with two annas share. During the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se, the Appellate Tribunal was right in law in annulling the penalty order of the Inspecting Assistant Commissioner against the assessee-firm holding it to be bad in view of his observations that the penalty proceedings are being completed to protect the interests of the Revenue ? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed but not of penalty. The learned counsel for the Revenue was unable to challenge this view of the Tribunal and frankly conceded that he was not able to cite any provision of law or decided case which warranted a protective order of penalty. That apart, no finding was recorded by the IAC that there was any wilful concealment of the income and in the absence of such a finding, the order of pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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