1983 (9) TMI 176 - AT - Income Tax

Summary

The Appellate Tribunal ITAT MADRAS-C allowed the appeal, canceling the concealment penalty of Rs. 50,000 wrongly imposed for asst. yr. 1974-75. Reasons: ITO had no jurisdiction to impose penalty, and there was no factual concealment, only guesswork. The Tribunal found no fraud or neglect, so penalty was canceled.