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TMI Blog2006 (4) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... I. T. A. Nos. 263 and 264 of 1975-76, in respect of the assessment years 1969-70 and 1970-71: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling the penalty of Rs. 25,515 and Rs. 45,680 imposed by the Inspecting Assistant Commissioner under section 271(1)(c) of the Income-tax Act, 1961, for the assessment years 1969-70 and 1970-71 respective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtment. Proceedings were initiated under section 271(1)(c) of the Income-tax Act, 1961 (for short, "the Act") for furnishing inaccurate particulars. In his reply the assessee took the plea that surrender of amounts for purpose of assessment was made bona fide and no inference of admission of concealment could be drawn. The Assessing Officer imposed penalty of Rs. 25,515 and Rs. 45,680. The Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's income because the assessee had been doing business for the past many years and it was only for lack of evidence that such a contention could not be established. The second probability is that a part of the money on which tax was levied in these two years belonged to his sons. The preponderance of probability is in favour of the assessee. Thus, we find that the penalty is not exigible ..... X X X X Extracts X X X X X X X X Extracts X X X X
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