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TMI Blog1999 (11) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion in I. T. A. No. 151 : "Whether, on the facts and in the circumstances of the case, particularly in view of the assessee's letter dated December 17, 1985, relied upon by the Tribunal in I. T. A. No. 525 (Alld.) of 1987, the Appellate Tribunal was right in holding that penalty under section 271(1)(c) was exigible ?" Question in I. T A. No. 157 : "(i) Whether, on the facts and in the circumstances of the case, particularly in view of the assessee's letter dated December 17, 1985, relied upon by the Tribunal in I. T. A. No. 525 (Alld.) of 1987, the Appellate Tribunal was right in holding that penalty under section 271(1)(c) was exigible ? (ii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... papers. The Assessing Officer initiated proceedings for the levy of penalty under section 271(1)(c) for concealment of income but the applicant's contention was that there was no concealment and that through a letter dated December 17, 1985, it had offered to be assessed at a net profit rate of 3 per cent. on the amount of sales subject to the condition that no penalty is levied. This explanation has not been accepted and the penalties have been upheld in the first and second appellate stage also. The common question that is raised in these petitions is whether the Tribunal was right in upholding the levy of penalty in view of the assessee's letter dated December 17, 1985. The Tribunal has found that the said letter was not the basis of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v. Solar Chemicals (P.) Ltd. [1984] 150 ITR 4 10 (All) ; Sir Shadilal Sugar and General Mills Ltd. v. CIT [1987] 168 ITR 705 (SC) ; Addl. CIT v. Kishan Singh Chand [1977] 106 ITR 534 (All) and CIT v. Mansa Ram and Sons [1977] 106 ITR 307 (All). All these cases relate to the particular facts of the respective cases and there is nothing in their ratio that can be applied to the present case. The Tribunal's finding that the assessee concealed particulars of its income for the three years under consideration is a finding of fact. As regards the question whether the amount of loss has to be included in the income, particulars of which have been concealed, we are of the opinion that the answer to this question is self-evident by virtue of Expl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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