9911796707
TMI Blog1991 (4) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Act, 1961, the Tribunal has stated the following two questions " (i) Whether, on the facts and in the circumstances of the case, there was material on record justifying the Tribunal's finding that tile assessee has discharged the onus tinder the Explanation to section 271(1)(c) of the Income-tax Act, 1961 ? (ii) Whether, on the facts and in the circumstances of the else, the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tinder section 274(2), the assessee applied to him to stay the proceedings pending disposal of the quantum appeal by the Appellate Assistant Commissioner. One more opportunity was given by the Inspecting Assistant Commissioner but again the assessee repeated the same request. He also pleaded that his counsel was unwell. The Inspecting Assistant Commissioner did not wait further and imposed penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e estimate of income cannot be entirely ruled out. We are, therefore, unable to hold that conscious concealment of income had taken place. It is correct that the Explanation added to section 271 with effect from April 1, 1964, is applicable to the present case. However, in a case of estimate and addition of a small amount, the charge of concealment cannot be said to be established. No fraud or gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d income. If so, the Explanation to section 271(1)(c), then in force, gets attracted. Once the Explanation is attracted, the presumption of concealment arises and, as explained by the Supreme Court in CIT v. K. R. Sadayappan [1990] 185 ITR 49, the burden of rebutting the said presumption shifts to the assessee. It may also be noticed that, in this case, the assessee had filed no explanation whatso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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