2001 (10) TMI 52 - HC - Income Tax

Summary

Issues Involved:
The judgment involves issues related to penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 for assessment years 1979-80 to 1987-88 and assessment years 1983-84 to 1987-88.

For Assessment Years 1979-80 to 1987-88:
The Revenue filed petitions u/s 256(2) of the Income-tax Act challenging penalty imposition against the assessee. The Tribunal upheld the cancellation of penalties by the Commissioner of Income-tax (Appeals) due to lack of specific concealment findings by the Assessing Officer. The Tribunal found no grounds to sustain the penalties, leading to dismissal of Revenue's appeals and subsequent petitions.

For Assessment Years 1983-84 to 1987-88:
The Revenue raised questions regarding penalty cancellation by the Commissioner of Income-tax (Appeals) u/s 271(1)(c) of the Income-tax Act. The Tribunal confirmed the cancellation of penalties, emphasizing the absence of evidence showing income concealment by the assessee. The Tribunal referred to past cases and legal precedents to support its decision, highlighting the penal nature of penalty proceedings and the need for the Income-tax Department to establish concealment of income.

Separate Judgment:
The High Court dismissed the petitions, stating that the Tribunal had properly evaluated the evidence and no legal questions requiring court opinion arose in the cases. The court emphasized the lack of evidence of income concealment and upheld the Tribunal's decision to cancel the penalties. The parties were directed to bear their own costs.