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TMI Blog1986 (1) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... and shakar and also as commission agent. For the assessment year 1970-71, it filed a return showing an income of Rs. 8,660. The assessing authority assessed the income at Rs. 1,02,050 which was reduced to Rs. 99,760 by the Appellate Assistant Commissioner and to Rs. 94,760 by the Tribunal. The Income-tax Officer had found during the course of the proceedings that the assessee had been doing busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act (hereinafter called " the Act "), which was allowed and the following three questions have been referred to this court : " 1. Whether, on the facts and in the circumstances of the case, and on a correct interpretation of section 271 (1)(c) and (iii) of the Income-tax Act, 1961, as amended by section 40 of the Finance Act No. 5 of 1964, the Appellate Tribunal was right in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er accordingly. On the first question, learned counsel for the Revenue contended that the Tribunal for holding that no penalty was exigible relied on Addl. CIT v. Karnail Singh [1974] 94 ITR 505 (P H). As the decision in the said case has been overruled by the Full Bench of this court in Vishwakarma Industries v. CIT [1982] 135 ITR 652, the order of the Tribunal was also liable to be reversed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Explanation, it would be for the assessee to explain the source of the concealed income There can be no dispute with this proposition. But as already noticed above, the explanation offered by the assessee that there was no concealed income has been accepted which means that the burden placed on the assessee by the Explanation stands discharged. No fault, therefore, could be found with the order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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