1991 (1) TMI 92

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..... her, on the facts and in the circumstances of the case, the Tribunal was legally correct in cancelling the penalty of Rs. 15,000 imposed by the Inspecting Assistant Commissioner under section 271(1)(c) read with its Explanation ?" For the assessment year 1968-69, the assessee filed a return disclosing a turnover of Rs. 53,696 whereupon he showed a gross profit of 5%. Certain slight additions wer .....

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..... f Rs.7,300 as profit under section 41(2). The Tribunal held and, in our opinion rightly, that merely because there is difference between the returned income and assessed income, penalty ought not to be levied. Even with respect to the item of Rs. 7,300, the Tribunal has given a valid reason. It is true that the Tribunal has made certain observations with respect to burden of proof but they do not .....

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