1995 (1) TMI 4 - SC - Income Tax

Tribunal having declined to impose a penalty upon the assessee because it had not been established that the assessee had deliberately concealed income or furnished inaccurate particulars it could not have added to the assessee s total income for the purposes of section 104 - The provisions of section 104 are quasi-penal in nature and what would apply in regard to a penalty would also apply in regard to these provisions. These were conclusions on the facts - no question of law arise

Summary

The Supreme Court dismissed the appeal by the Revenue against the Calcutta High Court's decision not to direct the Income-tax Appellate Tribunal to refer a question regarding unexplained cash credits. The Tribunal's decision to exclude the sum of Rs. 55,000 from the assessee's total income for determining a larger dividend was upheld. The High Court's rejection of the application under section 256(2) was affirmed.