9911796707
TMI Blog1982 (4) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... 71-72 is against the income assessed and the other two appeals are against levy of penalty under s. 271(1)(C) on the ground of assessment of income or furnishing of inaccurate particulars of income. 2. Taking up the appeal for the year 1971-72, the objection relates to the inclusion of the income from business carried on at 107, Burma Bazar in the hands of the assessee rejecting his claim that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the shop, considered that the business carried on at 107, Burma Bazar also belongs to the assessee and made an assessment including estimated business income at 107, Burma Bazar. The assessee's appeal before the AAC was unsuccessful as he upheld the inclusion following his order for asst. yr. 1970-71. The assessee is in further appeal before the Tribunal for asst. yr. 1971-72 disputing the inclus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s were made by the ITO relying on the statements said to have been given by the assessee himself and his another son before the Customs Authorities and not from any independent enquiry conducted by the ITO himself. It also appears that separate assessments were also made on the son of the assessee, Michel, who is claimed to be the owner of the business carried on at 107, Burma Bazar, but the AAC h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bserve that our finding in this appeal will not preclude the assessee from appeal will not preclude the assessee from adducing any material or evidence to support its stand in any future assessments. So far as the present assessment is concerned, in view of the preponderance of evidence on record, we have to reject the assessee's appeal. 4. Coming to the penalty appeals for the two years 1972-73 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving no outlay by way of expenditure on any tenancy of premises or large scale investments and the transactions are carried on in small shacks. In such circumstances, it is unlikely that not only the assessee but also his sons might engaged themselves in these small business activities. Considering all the circumstances, we are satisfied that there is no case for imposition of penalty on the groun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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