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TMI Blog1975 (9) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... reinafter referred to as " the Act "), the Appellate Tribunal has stated a case and referred the following question for opinion of the court : " Whether in the facts and circumstances of the case, the revenue is right in imposing penalty at the rate of 150 per cent. of the concealed income? " The year of assessment is 1965-66. Penalty was imposed on the assessee under section 271(1)(c) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rfere with the rate of penalty imposed by the Inspecting Assistant Commissioner. Assessee contends that even if it is liable to penalty under section 271(1)(c) of the Act, penalty at the rate of 150 per cent. on the concealed income is not imposable. Assessment for this year, as stated to us by learned standing counsel, was completed on December 8, 1967, and along with the assessment, the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yable by him, a sum which shall not be less than twenty per cent. but which shall not exceed one and a half times the amount of the tax, if any, which would have been avoided if the income as returned by such person had been accepted as the correct income. " By the Finance Act of 1968, the upper limit of penalty has now been fixed at twice the amount of income in respect of which the particular ..... X X X X Extracts X X X X X X X X Extracts X X X X
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