1974 (4) TMI 21

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..... ring the Tribunal to refer the following question of law for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that penalty was not exigible and in deleting the same ? " On facts, there is no dispute that there was concealment of part of the income within the meaning of section 271(1)(c) of the Act. The Inspecting Assistant Com .....

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..... the Act, which is in the following terms : Where the total income returned by any person is less than eighty per cent. of the total income (hereinafter in this Explanation referrd to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income b .....

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