9911796707
TMI Blog1977 (7) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... r the opinion of the court : " Whether, on the facts and in the circumstances of the case, it can be held that the assessee had either concealed the particulars of his income or had furnished inaccurate particulars of such income so as to be visited with penalty under section 271(1)(c) of the Income-tax Act, 1961 ? " Assessee, an individual, is a contractor by profession and during the finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... showing business income of Rs. 20,000 as before but explained as follows : " Total receipt net Rs. 1,60,520 and gross Rs. 3,75,100. " Assessee was reassessed to tax on the basis of business income of Rs. 46,881 by adopting 12 1/2% of the gross receipt for determining profit. A proceeding under s. 271 (1)(c) of the Act was initiated and the IAC, after hearing the assessee, imposed penalty of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee had then stated : " Rs. 1,60,520 from C.C. Divisions I and II, Bhubaneswar, profit estimated 12 1/2%. " There was thus no statement that the figure disclosed was net and not gross. Admittedly, in all previous returns, profit was being calculated on the gross receipt. If the assessee intended to change the basis and wanted that profits should be calculated on the net receipt basis, it was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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