1990 (12) TMI 41

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..... Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the penalty levied under section 271 (1) (c)/274 of the Income-tax Act ?" The assessment year concerned is 1966-67. The assessee is a registered firm dealing in jewellery and also carrying on business as pawnbrokers and money-lenders. It filed a return declaring an income o .....

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..... ng that the Explanation appended to section 271 (1) (c) by the Finance Act, 1964, did not supersede the decision of the Supreme Court in Anwar Ali's case [1970] 76 ITR 696. The Tribunal also followed the decision of the Delhi High Court which reiterated the principle in Anwar Ali's case [1970] 76 ITR 696 (SC). Indeed, the Tribunal's order does not contain any reference to the Explanation and its e .....

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