1981 (2) TMI 105 - AT - Income Tax

Summary

The Department appealed against a penalty of Rs. 15,000 under s. 271(1)(c), which was reduced to Rs. 1,500 by the AAC. The penalty was related to alleged bogus loans and suppressed sale of stock-in-trade. The Appellate Tribunal upheld the AAC's decision, stating that penalties for loans taken on the opening day of business were not justified, and the suppression of sales was not proven. The penalty was vacated, and the departmental appeal was dismissed. The assessee's cross objection was allowed. (Case: Appellate Tribunal ITAT BOMBAY-B, Citation: 1981 (2) TMI 105 - ITAT BOMBAY-B)