1990 (11) TMI 137

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..... ed the following question : " Whether, on the facts and in the circumstances of the case, there was evidence on record justifying the Tribunal's finding that the assessee has discharged the onus under the Explanation to section 271(1)(c) of the Income-tax Act, 1961 ?" The assessee is a registered firm carrying on business as forest contractors. The assessment year concerned is 1969-70. In its .....

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..... he Act. He levied a penalty of Rs. 81,000. On appeal, however, the Tribunal allowed the appeal holding that the assessee has discharged the burden which lay upon him to rebut the presumption arising from the fact that the returned income was less than 80% of the assessed income. We have perused the order of the Tribunal. The said finding cannot be said to be based on no evidence, though it is true .....

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