9911796707
|
Home
Issues Involved:
The judgment pertains to the cancellation of penalties imposed on the assessee for the assessment years 1963-64, 1965-66, and 1966-67, based on the conclusion reached by the Tribunal. Assessment Year 1963-64, 1965-66, and 1966-67: The Income-tax Officer reopened assessments under section 147 of the Income-tax Act, 1961, alleging that income had escaped assessment. The officer clubbed the income of a partnership firm with the assessee's income, asserting the firm was a benami concern of the assessee. Despite various appeals, penalties were imposed under section 271(1)(c) of the Act. The Tribunal, however, found no evidence of fraud or negligence by the assessee in not reporting correct income. The High Court directed the Tribunal to reconsider the matter in light of the relevant provisions, emphasizing the need for the assessee to prove no fraud or negligence. Conclusion: The High Court directed the Tribunal to rehear the appeals and decide the matter afresh, considering the relevant provisions of the Income-tax Act, 1961.
|
