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TMI Blog1976 (5) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... grawal Engineering Works,Agraand Atul Traders,Agra. All these appeals were disposed of by out order in ITA Nos. 4063, 6064, 4065 and 4066 of 1975-76 dt.5th May, 1976. Briefly stated the facts are than a search was carried out at the premises of Basant Industries, Agara on26th Sept., 1972in which jewellery of the value of Rs. 60,122 and currency notes of Rs. 67,566 were seized alongwith some account books. Those firms alongwith the assessee firm are carrying on business in different names atAgra, but all the partners are too closely related with the partners of the said Basant Industries. 3. It was said at one time that in all these group of cases there were 32 assessees closely interconnected. Immediately after the search, the assessee fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. He also took the view that by offering these amounts for settlement, the assessee stopped the Department from making any enquiry or investigation in these cases. Since these amounts were not shown originally in the original returns, suo moto, the assessee was guilty of income and that it was proved. On the view of the matter, the ITO levied penalties of Rs. 25,000 in each of these years. The penalties levied in the case of other assessees in the group are also equal to the incomes surrendered for assessment as in this case. 5. There were then appeals to the AAC against all these penalties. Before repeating the contentions taken up before the ITO it was urged that mere surrender did not mean that the amounts in questions were concealed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts of this case was more with a view to purchase peace and not out of an attempt to get out of the situation where the Department had proved the concealment of income. It then discussed the facts and explanation offered by the assessee and held that there was no evidence other than the disbelief of the assessee s explanation to arrive at a conclusion that the amounts surrendered for assessment represented the concealed income of the assessees. Then it relied upon the decision of the Allahabad High Court in the case of CIT vs. Neth Ram Ram Swarup, 88 ITR 213 (All) and Supreme Court decision in the case of CIT vs. Anwar Ali 76 ITR 696 and held that on the ratio of those decisions no penalty was leviable. The cases came from the jurisd ..... X X X X Extracts X X X X X X X X Extracts X X X X
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