G. SOMA REDDY Vs. ITO

JUDGEMENT

(1.) THIS appeal by an assessee under the Income Tax Act, 1961 (for short, the Act) relates to the assessment year 2000 -01, 2001 -02 and 2002 -03. Assessee is an individual and the appeal is about the justification of levy of penalty under section 271(1)(c) of the Act, which is in a sum of Rs. 33,187 for the assessment year 2000 -01, Rs. 96,732 for the assessment year 2001 -02 and Rs. 5,987 for the assessment year 2002 -03. This appeal had been admitted for examination on the following questions of law. 1. Whether in law and on the facts and circumstances of the case, the Tribunal is justified in confirming the penalty under section 271(1)(c)?

(2.) WHETHER in law and on the facts and circumstances of the case, the Tribunal is justified in confirming the levy of penalty under section 271(1)(c) in the absence of any recording of satisfaction by the assessing officer in the assessment order before levying penalty under section 271(1)(c) of the Act?

(3.) THE difference in terms of the returns as filed by the assessee and the amount as had been indicated by the client while deducting tax at source and remitting it to the account of the revenue is as under :