1985 (5) TMI 15

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..... No. 217 of 1975 For convenience, they are repeated again. They are as follows: "(1) Whether, on the facts and in the circumstances of the case, the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, was justified ? (2) If the answer to the aforesaid question is in the affirmative, whether, on the facts and in the circumstances of the case, while levying penalty, the tax sough .....

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..... ant Commissioner of Income-tax under section 271(1)(c) of the Income-tax Act, 1961, in relation to three items, viz , Rs. 2,51,039, relating to the purchase of land in village Majeshwar, a profit of Rs. 3,76,490 treated as the assessee's profit and Rs. 10,402 relating to the purchase of other land through four parties, Shri Kartar Singh, Shri A. D. Gupta, Shri K. P. Singh and Shri S. K. Burman. .....

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