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TMI Blog1990 (1) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... is an individual. For the assessment years 1976-77 and 1977-78, corresponding to the previous years ended 31-3-1976 and 31-3-1977, the assessee filed returns on 30-12-1976 and May 1978 respectively showing total income of Rs. 33,716 and Rs. 52,477. This included income from bus and lorry business amounting to Rs. 18,100 and Rs. 38,607 respectively. Subsequently there was a search in the premises o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce the income was only estimated the assessee could not be considered to have concealed any income. However, the CIT (Appeals) was of the opinion that even the estimate was made on the basis of the books seized and, therefore, the assessment of the suppressed income led to the finding of concealment in respect of which penalty was exigible. Nevertheless he reduced the penalty to the minimum impos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the manner required and hence the income arrived at and returned already on the basis of the available records has been revised in a more acceptable manner and the income returned now has been estimated." This itself amounts to a confession that the income returned in the original return was based on the set of books which were kept for presentation and which were found to be incorrect sinc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade without her tacit approval. Whatever the manner in which the business was conducted she cannot abdicate her responsibility in filing the return as it amounts to a verified statement in respect of which no shifting of blame is possible without admitting gross or wilful neglect if not fraud. Even if it is claimed that the assessee simply adopted the figures furnished by the employees it would am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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