2015 (8) TMI 1564

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..... e provisions of section 271(1)(c) of the Income Tax Act, 1961 read with the Explanation 1 appearing thereunder, the Tribunal misdirected itself in law and adopted a wholly erroneous approach in upholding the levy of penalty in the instant case, on the alleged ground that the Appellant Foundation had concealed its income and/or furnished inaccurate particulars of its income in respect of the assess .....

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..... t : Heard Mr. Poddar, learned senior advocate for the appellant/assessee and Mr. Ghoshal, learned senior advocate for the respondent/revenue. The appeal is admitted on the following substantial questions of law: "i. Whether on a correct interpretation of the provisions of section 271(1)(c) of the Income Tax Act, 1961 read with the Explanation 1 appearing thereunder, the Tribunal misdirected itse .....

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