1998 (7) TMI 3

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..... ies of Rs. 50,000 and Rs. 30,000 for the assessment years 1973-74 and 1974-75, respectively, levied by the Inspecting Assistant Commissioner thereunder ?" The brief facts giving rise to this reference are that the assessee was a country liquor contractor. He had also a ganja bhang shop at Pandwadi. A return of income for the assessment year 1973-74 was filed declaring an income of Rs. 29,470 and for the assessment year 1974-75, a return of income was filed declaring an income of Rs. 61,360. However, no books of account or any other materials were placed by the assessee before the Income-tax Officer as none was maintained. Returns of income were, however, filed on the basis of entries in exhibit P-5 register maintained by the Excise Depart .....

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..... hat the income declared by the assessee was very low and there was no cogent explanation for the same. He held that the assessee deliberately attempted to conceal his income and furnished false particulars thereof by filing false certificate exhibit P-5. He rejected the explanation of the assessee tendered at the time of assessment proceedings that exhibit P-5 certificate filed along with the return of income was obtained by one of his employees. It was held that the assessee was guilty of concealing his income and furnishing inaccurate particulars thereof for the two assessment years in question and imposed penalties of Rs. 50,000 and Rs. 30,000 for the assessment years 1973-74 and 1974-75, respectively. Aggrieved by the aforesaid order .....

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..... e assessment years 1973-74 and 1974-75, respectively. When the Income-tax Officer got suspicious about the low returns filed by the assessee, he summoned the record from the Excise Department and even examined the Excise Inspector, Shri Bhadoriya, under whose signature the certificate exhibit P-5 was said to have been issued. Shri Bhadoriya deposed before the Income-tax Officer that no such certificate was issued and the signature on the said certificate was forged. The Income-tax Officer therefore did not accept the said certificate exhibit P-5 and found that the assessee had placed a forged certificate and given wrong income for both the assessment years. On a detailed examination of the matter, the Income-tax Officer estimated the income .....

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