1985 (10) TMI 20

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..... Darshan Kumar, one of the coparceners, entered into partnership agreement on May 1, 1967, with one Pashupati Nath to carry on the business of sale of petroleum products under the firm name "Darshan Kumar Co." The amounts of Rs. 995 and Rs. 10,413 received by way of profits from the said concern for the assessment years 1968-69 and 1971-72 were claimed by Darshan Kumar as his personal income but .....

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..... cation under section 256(1) of the Act also having been rejected, he moved the present petition under section 256(2) of the Act for issuing a mandamus to get the following questions referred : "(i) Whether, on the facts and circumstances of the case, the order of the Tribunal in imposing the penalty violates the provision of section 271 (1) (c) and is legally exigible in view of Anwar Ali's case .....

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..... he outcome, no penalty was exigible as there was no concealment within the meaning of section 271(1)(c) ? The learned counsel for the assessee contended that it was not a case of concealment of income because the assessee honestly believed that the income derived from M/s. Darshan Kumar Co. was the personal income of Darshan Kumar even though the Hindu undivided family had provided the funds t .....

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