Law:

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Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Whether where assessee surrendered its full income, though at a later stage, there was no question of any concealment on its part and, therefore, no penalty was imposable under section 271(1)(c) - Held, yes R.L. Jain and Ku. V. Mandlik for the Appellant. ORDER A.M. Sapre, J. - This is an appeal filed by the revenue (Commissioner of Income-tax) under section 260A of the Income-tax Act against an order, dated 21-8-2000, passed by the ITAT (for short hereinafter referred to as 'Tribunal') in ITA Nos. 414 and 599/Ind./96. This appeal was admitted for final hearing by passing following order on 17-1-2001 : "17-1-2001- Shri R.L. Jain for the appellant. Heard on admission. ITA is admitted on the question raised in the appeal memo. Issue notice to the other side on payment of P.F. within a week. (R.D. Vyas, J.) (Shambhoo Singh, J.)" 2. Heard Shri R.L. Jain, learned senior counsel with Ku. V. Mandlik, learned counsel for the revenue. None for the assessee. 3. We have seen and perused the memo of appeal. What we find therein is that the issue raised in appeal relates to imposition of penalty on the assessee for the alleged concealment in the year in question. The penalty imposed by Assessing Officer was set aside by CIT (Appeals) and later order of CIT (Appeals) was upheld by Tribunal in an appeal filed by revenue. It is against this order of Tribunal which resulted in upholding of the order of CIT (Appeals) which is impugned by the revenue in this appeal. 4. In our opinion, the Tribunal seems to be right in upholding the order of CIT (Appeals). When the assessee surrendered their full…

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