1975 (7) TMI 11

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..... Act, 1961, hereinafter referred to as " the Act " : " Whether, on the facts and in the circumstances of the case and on proper construction of the Explanation to section 271(1)(c) of the Income-tax Act, 1961, the Tribunal was correct and justified in cancelling the penalty order ? " The facts of the case, as appear from the statement of the case, may be briefly stated as follows : The assess .....

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..... ne of Rs. 19,154 in the paddy account, and so he added this amount. For this amount of Rs. 19,154, penalty proceedings under section 271(1)(c) of the Act were initiated and the Income-tax Officer referred the matter to the Inspecting Assistant Commissioner as required under the law. The Inspecting Assistant Commissioner thereafter held that the assessee was liable to penalty for concealing the sum .....

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..... nclusion that the assessee had consciously concealed the particulars of his income ...... Here also the appellant has asserted that one of the partners was dead and there was difference between the munim and the assessee and so the mistake could not be detected. The explanation appears to be believable. We hold that the appellant had not consciously concealed the particulars of his income or had n .....

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