COMMISSIONER OF INCOME TAX Vs. CENTRAL STORES

JUDGEMENT

(1.) THE Commissioner of Income Tax, Trivandrum, has filed this appeal against the order of the Income Tax Appellate Tribunal, Cochin Bench, in I. T. A. No. 737/Cochin of 1995, dated December 20, 1999, affirming the order of the Commissioner of Income Tax (Appeals), sustaining the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961, for short "the Act".

(2.) WHILE admitting the appeal, notice was ordered on the following questions of law :

(3.) WHETHER , on the facts and in the circumstances of the case and in the light of the findings noted at the beginning of the penalty order that documents were seized, such seized documents revealed suppression of income, etc., the knowledge the Officer had about the contents of the slip of paper marked '11' along with the facts of filing of the revised return within two weeks of the seizure and the principles laid down in CIT v. : [1984]149ITR737(Ker) , the Tribunal is right in law and facts in cancelling the penalty ?