9911796707
TMI Blog2010 (12) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench, Chandigarh (hereinafter referred to as "the Tribunal") passed in I.T. A. No. 855/Chandi/93 in respect of assessment year 1984-85 : "(i). Whether on the facts and in the circumstances of the case, hon'ble the Income-tax Appellate Tribunal was justified in deleting the penalty by holding that nothing was brought on record by the Revenue to prove that net profit arrived at by the assessee was a result of concealment of income by the assessee when it was categorically proved in the order after utilizing the documents and evidences available coupled with corroborative evidence in the shape of various figures found in the return filed by the assessee that the assessee had concealed its income ? (ii) Whether on the facts and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal are : "We, however, after perusing the paper book page 1 find that the Income-tax Appellate Tribunal while sustaining the addition of Rs.6,70,681 basically relied upon the authenticity of the paper seized wherein net profit of Rs. 6,70,681 was arrived at by the ex-accountant of the assessee Sh. Sidhu for the assessment year 1983-84. However, we have noticed the fact that nothing could be brought by the Revenue that such net profit arrived at was a result of concealment of any income by the assessee whereas we find force in the submission of the learned authorized representative that such net profit was a result of disallowance of excess expenditure claimed by the assessee, which cannot attract penal provisions under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal that addition was on account of material which did not relate to concealment by the assessee. The Tribunal has also not indicated any material in support of its finding. On the other hand, the finding recorded by the Assessing Officer is as under : "The entire blame of manipulation of figures was placed at the door of Sh. Sidhu, accountant of the assessee. It was further contended that at one stage the accountant applied GP rate of 19 percent. and the same was applied at 13 per cent. thereafter and the same was made the basis for the additions. The assessee wants to convey that main addition are only on account of higher gross profit rate after deducting the trading discount from turnover. The assessee wants to convey that applying ..... X X X X Extracts X X X X X X X X Extracts X X X X
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