2002 (10) TMI 71

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..... Revenue is: "Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in cancelling the penalty levied under section 271(1)(c) of the Income-tax Act, 1961?" The assessment year is 1982-83. The Assessing Officer levied penalty on the ground that the assessees had concealed their income inasmuch as a raid carried out in the assesses' premises had resulted in sub .....

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..... t being one which the person offering the explanation is able to substantiate. The consideration of the explanation offered is, therefore, a duty cast upon the officer imposing penalty. In the absence of such consideration and the finding that the explanation is false or that the assessee had failed to substantiate the explanation offered, the officer cannot proceed to hold that there has been con .....

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