2001 (10) TMI 15

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..... elf observed in the assessment order that if such amount was passed over by the assessee to the parent company then the relief would be allowed to the assessee. The principal company has surrendered such amount which is evident from the order of the Settlement Com mission. The Tribunal on a consideration of the entire facts held that on money was collected by the assessee on behalf of the principa .....

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..... 132(5) the partners of the firm, namely, Smt. Bhagwani Bai and Shri Nandlal, admitted that the assessee-firm did charge on money and a portion of the money so collected was retained by the firm. It was also admitted that the portion of the money so kept by the firm was not accounted in the books of account of the firm. The assessee did not disclose the said money in the return filed for the asses .....

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..... to accept those penalties as per the mandate of section 271(1)(c) of the Income-tax Act. Learned counsel has also placed reliance on the decision of the Division Bench of this court rendered in CIT v. Dr. R. C. Gupta and Co. [1980] 122 ITR 567. From the facts it appears that the assessee was collecting on money over and above the printed price of cigarettes and was remitting the same to the princ .....

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