COMMISSIONER OF INCOME TAX Vs. RAJRAM CLOTH STORES

JUDGEMENT

(1.) WE are not going into any details of examining whether, on the facts and in the circumstances of the case, the question under reference for answer, whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the assessee had not concealed particulars of income and accordingly in cancelling the penalty of Rs. 78,600 imposed under section 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the assessment year 1965-66, is one of law, or a pure question of fact, for we shall presently notice that the answer to the question by the Tribunal, in our opinion, reflects a true and correct appreciation of the law as engrafted under section 271(1)(c) of the Act. The Act has made elaborate provisions for the submission of returns of income, assessment, etc., and in Chapter XXI provided for penalties for the failure to furnish returns, etc.

(2.) SECTION 271 in this Chapter in particular is the provision for imposition of penalty upon the assessee, if the Income-tax Officer or the Appellate Assistant Commissioner, in the course of any proceedings under this Act, is satisfied that any person, -