1999 (1) TMI 13

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..... sisted of purchase and sale of dry fish on wholesale basis either self or commission basis. For the accounting year ending on September 30, 1979 (assessment year 1980-81), the firm filed a return on July 19, 1980, declaring the income of Rs. 2,07,035, which was supported by the books of account. But, in a proceeding under section 132 and consequent to the search of the premises of the assessee, a note-book was recovered from the accountant of the firm, which disclosed a division of Rs. 4,000 per share. The assessee had filed a revised return declaring the income of Rs. 3,79,689, the details of which are as follows :                       .....

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..... nbsp;                                 33,311                                                                        --------                     .....

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..... 81 and was available as reserve and, as such, the order of the Income-tax Officer clubbing that amount of Rs. 85,622 as the income for the assessment year 1980-81 stood set aside. As a necessary corollary, the levy of penalty on the above component also stands set aside. We have decided these points straightaway instead of directing the case for reference and then ordering the reference, which will take another decade. To the above extent, the impugned order of the Income-tax Appellate Tribunal is set aside. Now, the concerned Income-tax Officer, shall decide the details of the profit-sharing ratio of the outgoing partners and then arrive at the balance and pass orders afresh. The income-tax case is disposed of accordingly. No costs.
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