9911796707
TMI Blog1993 (2) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... l, declared income of Rs. 5,700 for asst. yr. 1977-78. At the assessment proceedings, the ITO noted that the assessee had introduced in his books of accounts an amount of Rs. 30,574 as initial capital. He treated the said amount as assessee's income from undisclosed sources and made an addition accordingly. On the basis of such facts, the ITO initiated the penalty proceedings against the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It was also submitted that for the same assessment year, the IT authorities had levied penalties under s. 271(1)(a), 273(1)(b) and 272B of the Act, but those penalties were cancelled by the authorities concerned in view of the bona fides of the assessee. The learned Departmental Representative supported the order under appeal and further submitted that Expln. to s. 271(1)(c) stood attracted to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... east the probability of his saving some money out of his earnings at Calcutta cannot be ruled out. Moreover, the cancellation of penalties levied upon him for various defaults is also a relevant factor to be taken into account in order to appreciate assessee's intention and conduct. 5. It is no doubt true that if the Expln. to s. 271(1)(c) stands attracted to a given case, the burden of proving ..... X X X X Extracts X X X X X X X X Extracts X X X X
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