1995 (1) TMI 4

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ticulars, it could not have added to the assessee's total income, for the purposes of section 104 - The provisions of section 104 are quasi-penal in nature and what would apply in regard to a penalty would also apply in regard to these provisions. These were conclusions on the facts - no question of law arise
K. S. PARIPOORNAN. and S. P. BHARUCHA. JUDGMENT The appeal is filed by the Revenue, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ing whether a larger dividend could be declared. In other words, the Revenue sought to invoke the provisions of section 104, as it then read, of the Income-tax Act, 1961. The Tribunal stated that the said credit had been sought to be explained by the assessee but it had held that its addition should be made for assessment purposes because summons could not be served on the assessee's creditors and .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 2) without giving reasons. The Tribunal having declined to impose a penalty upon the assessee because it had not been established that the assessee had deliberately concealed income or furnished inaccurate particulars, it could not have added to the assessee's total income, for the purposes of section 104, the amount of Rs. 55,000. The provisions of section 104 are quasi-penal in nature and what .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X