1993 (9) TMI 63

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..... under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and circumstances of the case, the Tribunal was justified in law in sustaining the penalty of Rs. 24,137 for the assessment year 1971-72 ?" At the material time, the assessee was carrying on business as a vendor of foreign liquor. On September 14, 1971, the assessee filed their return declaring total income of Rs. 28,263 .....

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..... planation of the assessee in response to the show-cause notice, the Income-tax Officer passed an order on March 20, 1972, levying penalty of Rs. 24,137 by invoking section 271(1)(c) of the Act. The order of the Income-tax Officer imposing penalty was sustained by the Appellate Assistant Commissioner on appeal as well as by the Income-tax Appellate Tribunal. The Explanation to section 271(1)(c) of .....

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..... porated in the cash book, that the amounts required for payment of sales tax or excise duty were shown as payments on the respective dates but the cash required for the purpose of the said payments was manipulated by crediting the amounts without any details and that the results shown could not, therefore, be relied upon. All these facts were discussed threadbare in the assessment order and the Of .....

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