1997 (11) TMI 523

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..... stion of law for the opinion of this Court: Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the penalty of ₹ 15,000 under s. 271(1)(c)? 2. In para 6 of the statement of the case submitted by the Tribunal it is stated that in pursuance of direction of this Court under s. 256(2) of the Act on the quantum side in the case of th .....

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..... d, one of the partners of the assessee-firm. On the quantum side Smt. Lakshmi Devi was examined and wherein she stated that ₹ 10,000 was given to her by her grandfather at the time of her marriage and the remaining amount of ₹ 15,000 came out of the income derived by her from asst. yrs. 1972-73 to 1974-75 from moneylending business. The deposit to the extent of ₹ 10,000 was accep .....

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..... ed a clear finding that the Expln. to s. 271(1)(c) was clearly attracted on the facts of the case and there was no evidence to show the absence of any fraud or gross or wilful negligence on the part of the assessee. The assessee had failed in raising any probabilities in its favour nor any circumstance had been pointed out which could create doubt, the benefit of which could be given to the assess .....

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