Law:

Section:

Section 273(A) of the Income-tax Act, 1961 - Penalty - Reduction or waiver of Where after failing to prove cash credit in name of one 'S' petitioner later changed stand and claimed that creditor was another person and though that person was examined in person, claim could not be established, it was not a case where petitioner co-operated with Department but contested matter to extent possible and, therefore, conditions for waiver of penalty were not satisfied Where after failing to prove cash credit in the name of one 'S' the petitioner later changed the stand and claimed that the creditor was another person and though that person was examined in person, the claim could not be established, it was not a case where the petitioner co-operated with the Department but contested the matter to the extent possible and, therefore, conditions for waiver of penalty were not satisfied and rejection of the petitioner's prayer for waiver of penalty under section 271(1)(c) was justified, particularly when the Commissioner had rejected the assessee's application on merits. JUDGMENT C.N. Ramachandran Nair, J.-The petitioner is challenging exhibit P5 whereunder the Commissioner of Income-tax has rejected an application for waiver of penalty filed by the petitioner under section 273A of the Income-tax Act for the assessment year 1990-91. The Commissioner of Income-tax rejected the petitioner's application on the ground that the petitioner does not satisfy the conditions required for waiver namely, section 273A(1)(b) of the Income-tax Act.…

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