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1998 (8) TMI 2 - MADRAS HIGH COURTPenalty for concealment of income - Whether, Tribunal is justified in law in cancelling the penalties levied under section 271(1)(c)? - 2. Whether having regard to the quantification of income on the basis of accretion to wealth computed on the basis of the seized material and other incriminating evidence, the Appellate Tribunal is justified in holding that revised returns filed by the assessee cannot be regarded as sufficient evidence of admission of concealment of income? - 3. Whether, Tribunal is justified in law in holding that the materials seized and the statement given have to be disregarded in considering whether the penalties imposed were justifiable? - 4. Whether having regard to the filing of the revised return which is admission of the correct assessable income, the Appellate Tribunal is justified in holding that the penalty if held to be leviable, would be only that calculated in accordance with the law as it stood on the date when the penalty was imposed, viz., taking the tax avoided as the measure of penalty as per the law which stood at the time of filing the original return? - 5. Whether, in any event, the decision of the Appellate Tribunal cancelling the penalties under section 271(1)(c) is not unreasonable as being based on irrelevant consideration ignoring material and relevant facts and for that reason unsustainable in law?" - Our answer to the questions referred to us are, therefore, in favour of the Revenue, and against the assessee.
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