penalty
amounting to Rs.11,37,949/- under Section 271(1)(c) of the Income Tax Act (hereinafter
referred ... Textile Processors (cited supra), after
quoting from Section 271 extensively and also considering Section 271(1)(c) , the Court
came to the conclusion that since
interest u/s 234B and 234C . Initiate penalty
proceedings u/s 271(1)(c) of the Act. Issue demand notice and
challan."
10. Thus ... from 01.04.1976. Section 271(c)
reads as follows :
"271. Failure to furnish returns, comply with
notices, concealment of income, etc. (1) If the Assessing
2010 Page 1 of 18
penalty imposed on it under Section 271(1)(c) of the Income
Tax Act (hereinafter referred ... 2010 Page 11 of 18
bonafide, Explanation 1 to Section 271(1)(c) would come in to
play and the assessee will be liable
case, the Tribunal was right in holding that
penalty u/s.271(1)(C) was not exigible in the
present case?"
3. Shorn ... However, a
proceedings for imposition of penalty in terms of Section 271(1)(C) of the
Income Tax Act was initiated. In the cause shown
furnished inaccurate
particulars even within the meaning of Explanation 1
to Section 271(1)(c) ."
9. The revenue filed appeal u/s 260A before ... 271(1)(c) and Section 276(c) of the Act was lost
sight of. The Court held that the explanation appended to Section
271(1
fact, in deleting the penalty levied
under Section 271(1)(c) of the I.T. Act?
2. Whether, on the facts and in the
circumstances ... c) ,
and that this is the principal question that we are called upon to
consider.
The relevant portion of Section 271 reads thus :
271(1
1) 307
1987 SCALE (1)196
CITATOR INFO :
F 1992 SC 591 (7,8)
ACT:
Income Tax Act, 1961 , s.271(1) (c)--Assessee--Conceal ... such, in view of the Explanation to section 271(1) , the
provisions of section 271(1)(c) were clearly attracted. On
this basis the Inspecting
With
C.A. No. 345 of 2006, C.A. No. 1340 of 2006, C.A. No. 3390 of
2006, C ... were framed:
" 1. Whether the ITAT was right in deleting the
penalty imposed under section 271(1)(c) of the
Income
income. The Assistant
Commissioner of Income-Tax levied penalties under Section 271(1)(c) of the Income
Tax Act, 1961 (hereinafter referred ... penalties levied under Section 271(1)(c) of the Act were cancelled by the
respondent on 27.01.1997. In the meanwhile, the Revenue Department filed
income which meant concealment of his income. Invoking Explanation 1 to Section 271(1)(c) of the Act he imposed a penalty of Rs. 1 ... Assessing Officer also took recourse to Explanation 1 to Section 271(1)(c) as was in force in the relevant assessment year prior
