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TMI Blog1976 (6) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 18th June, 1974, passed in I.T.A. No. 405/Coch/71-72 : " (i) Whether, on the facts and in the circumstances of the case, the finding of the Tribunal that penalty is imposable based solely on the so-called admission of the assessee is correct in law ? (ii) Whether the finding of the Tribunal that the penalty is imposable is correct in law without finding that the amount surrendered was the income of the assessee during the account year relevant to the assessment year 1968-69, and that the said amount was concealed by the assessee during the account year relevant to the assessment year 1968-69 ? (iii) Whether there is any relevant material in the case to attract section 271 (1)(c) of the Income-tax Act, 1961 ? " The assessee wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... naccounted income the department can levy the minimum penalty prescribed under the Act for the assessment years 1964-65 to 1968-69. On the basis of the aforesaid agreement, the Income-tax Officer, while making the assessment of the assessee for the year 1968-69, made an addition of a sum of Rs. 2,84,727 as representing the income derived by the assessee from undisclosed sources. Simultaneously, he initiated penalty proceedings against the assessee under section 271(1)(c) of the Act. The Inspecting Assistant Commissioner of Income-tax, Ernakulam, to whom the said matter was referred, imposed on the assessee a penalty equivalent to the amount of the income found to have been concealed, namely, Rs. 2,84,727. Against the said order imposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal against the assessee on the first point that the assessee seeks to get the matter referred to this court. We see no merit in this petition. True it is that a penalty under section 271(1)(c) can be lawfully levied against an assessee only if he is proved to have concealed particulars of his income or furnished false particulars of such income. An admission made by a person concerning a fact in dispute or a matter in issue is certainly a relevant item of evidence which can be taken into consideration in arriving at a finding on the said issue or question of fact. Hence the Tribunal was acting fully within its powers in placing reliance on the admission made by the assessee in the agreement dated September 27, 1969, evidencing the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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