1972 (10) TMI 36

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... oner of Income-tax, Lucknow, on the following question : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified legally in cancelling the order of penalty passed under section 271(1)(c) of the Income-tax Act, 1961 ? " The assessee is a registered firm. It filed its return for the assessment year 1964-65 and produced accounts in support of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... l found that the enhancement in the assessee's income was made because the profit shown by the assessee was only 5 per cent. of the sales which was considered by the income-tax authorities to be rather low. On that ground the books were rejected and profit was assessed by applying a rate of 12 1/2% per cent. In the opinion of the Tribunal such a case did not attract the provisions of section 271(1 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X