1991 (2) TMI 88

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..... tion 256(1) of the Income-tax Act, 1961 : "(1) Whether, on the facts and in circumstances of the case, the Tribunal was right in law in holding that due to disclosure made by the assessee in Part IV of the return, the assessee could not be said to have furnished inaccurate particulars of income within the meaning of section 271 (1) (c) of the Act, and consequently, levy of penalty under the said .....

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..... ax Officer, while completing the assessment, recorded a finding that the provisions of section 271(1)(c) were attracted and referred the matter to the Inspecting Assistant Commissioner for imposition of penalty. The Inspecting Assistant Commissioner imposed a penalty of Rs. 1,25,000 after affording the assessee an opportunity of being heard, which was deleted by the Tribunal. All the three quest .....

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