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TMI Blog1980 (12) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Sept., 1973declaring an income of Rs. 46,880. The income returned was from business. A notice under s. 143(2) of the Act was issued on17th Oct., 1975fixing the case on31st Oct., 1975. No proceedings seem to have been conducted on31st Oct., 1975. However it appears that the assessee's Advocate appeared before the ITO on21st Nov., 1975and requested for an adjournment. The case was accordingly adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn surrendered an amount of Rs. 10,720. 3. The ITO made the assessment on20th March 1976on an income of Rs. 89,811 which also included the surrendered amount of Rs. 10,720. He also initiated proceedings under s. 271(1)(c), of the Act, 4. The ITO, therefore referred the matter to IAC under s. 274(2) of the Act on15th March, 1978as in the opinion of the ITO, the minimum penalty imposable excee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee was compelled to surrender the cash credit on29th Jan., 1976after it was called upon to file evidences regarding the cash credits and squared up accounts and other particulars. His submission therefore, was that the assessee was guilty of concealment. He also submitted by referring to certain authorities that an assessee could be penalised for making concealment in the original re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. There is nothing on record to show that the assessee was also required to file evidence regarding cash credits or copies of the squared up accounts as mentioned by the IAC in his order. Even if the assessee would have been asked to submit such details, they by themselves did not go to show that any case of prima facie concealment, much less actual concealment had been established against the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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