2002 (1) TMI 31

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..... this court: "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was right in law in cancelling the penalty of Rs. 29,663 imposed under section 271(1)(c) of the Income-tax Act, 1961?" The dispute relates to the assessment year 1978-79. The assessee had filed its return showing an income of Rs. 73,120. The assessment was finalised under section 143(1) of the I .....

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..... the Tribunal held that there was no concealment so as to warrant any penalty. Nothing has been pointed out by counsel for the Revenue to show that the finding of fact recorded by the Tribunal is erroneous or contrary to any evidence on the file. In this situation, we have no alternative but to answer the question against the Revenue. Since no one has put in appearance on behalf of the assessee, .....

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