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TMI Blog2005 (2) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-2005 - JUDGMENT The Income-tax Appellate Tribunal, Delhi, has referred the following question of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this court "Whether, on the facts and in the circumstances of the case, the Tribunal was, in law, justified in holding that penalty provisions under section 271(1)(c) of the Act are not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner in appeal filed against the original assessment. On the basis of the aforesaid addition, the Income- tax Officer initiated penalty proceedings under section 271 (1) (c) of the Act. In reply to the show-cause notice it was contended by the assessee that all the details of purchase and sale of machinery were filed along with the original return and after seeing the details the assessment was c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act and addition was made accordingly. On the basis of the addition in the income of the assessee the penalty proceedings under section 271(1)(c) were initiated for' assessment year 1981-82 also. As sum of Rs. 7,000 was levied as penalty under section 271(1)(c) of the Act. 4 The Deputy Commissioner of Income-tax (Appeals) confirmed the penalty orders in the two appeals filed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to furnish full and true facts. It has been found by the Tribunal that the assessee has not concealed any facts about any of the above transactions. In view of these findings, we are of the opinion that the Tribunal has rightly set aside the penalty orders for the assessment years in question. We do not find any error in the order of the Tribunal. 7 In view of the above, we answer the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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