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1978 (3) TMI 86

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..... ed August 8, 1967. The assessee did not maintain regular accounts. He, however, maintained a memorandum book in which he entered this dividend income on March 13, 1969. The assessee's accounting year for 1968-69 ended on March 28, 1968. It is thus evident that the declaration of dividend was made during the accounting year relevant to the assessment year 1968-69. The warrant was also issued within that year. The other item related to special remuneration received by the assessee as director of Messrs. J. K. Industries (Private) Ltd., Kanpur. The company, by a resolution dated September 19, 1967, sanctioned a special remuneration of Rs. 34, 726 to the assessee. This remuneration was actually paid to the assessee on April 15, 1968. The .....

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..... clearly constituted the income of the assessee. They were not included in the return for the assessment year 1968-69, though they should have been, because the assessee had in fact filed the return for that year on accrual basis. It was, therefore, a clear case of concealment of income. He imposed the minimum leviable penalty on the sum of the income which was concealed, namely, Rs. 59,476. The assessee went up in appeal to the Tribunal, but failed. The Tribunal held that it was established that the assessee had been filing his returns on accrual basis and not on cash basis. It was hence incumbent upon the assessee who was aware of the fact that the dividend income as well as the remuneration had been declared during the currency of the .....

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..... ished concealment of income on the part of the assessee. The departmental representative had, during the hearing before the Tribunal, argued that the Explanation to section 271(1)(c) was attracted but, on behalf of the assessee, it was contended that the said Explanation was not attracted and, in the next place, the Inspecting Assistant Commissioner had not, in fact, invoked the Explanation. It was not hence open to raise that plea at this stage. The Tribunal had not given a finding on this point apparently because it agreed with the contentions of the assessee. Moreover, the facts are not before us, namely, we do not know what was the income returned and what was the assessed income. There is nothing on record before us to show how much .....

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