1976 (2) TMI 14

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..... circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that no penalty could be levied under section 271(1)(c) of the Income-tax Act, 1961, upon the assessee ? " The facts were that for the assessment year 1965-66 the assessee-firm filed a return showing an income of Rs. 42,887. The Income-tax Officer completed the assessment on a total income of Rs. 82,798. The .....

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..... probable. The assessee filed an appeal and the Income-tax Appellate Tribunal (hereinafter called the " Appellate Tribunal ") set aside both these findings and recorded the following findings. It found : " No doubt, though her statement was not satisfactory for the purposes of assessment proceedings, yet it cannot be said that the statement was so improbable as to be branded as false. Similarly, .....

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..... urden and has satisfactorily established that it was not guilty of fraud or gross misconduct. According to him, after the addition of the Explanation, the presumption of fact arose against the assessee and it was for it to establish the same by positive evidence that he was neither guilty of fraud nor he was guilty of gross misconduct. Without going into this question, we may point out that no que .....

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