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TMI Blog1971 (11) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... x, Kerala, Ernakulam, under section 66(1) of the Indian Income-tax Act, 1922, is the following : " Whether, on the facts and in the circumstances of the case, cancellation of the levy of the penalty under section 28(1)(c) of the Indian Income-tax Act, 1922, was justified ?" The reference relates to the assessment year 1958-59 corresponding to the accounting year ending with August 16, 1957. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding to the Income-tax Officer the sum of Rs.17,355 should have been treated as revenue receipt. Penalty proceedings were, therefore, initiated against the assessee. The Income-tax Officer found that the assessee had concealed the income of Rs. 20,000 credited in the name of the Travancore Forward Bank Ltd. and that he had deliberately manipulated the account in making the two credit entries i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... angible additions in the past and the credits could be related to such additions. It had not been found that such additions would not have been available for such introduction. Moreover, the explanation itself is not altogether so impossible as to lead to the only conclusion that it represented the income of the year. The assessee had paid Rs. 43.62 by way of discounting charges for the cheque. Me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inaccurate particulars of such income, he or it may direct that such person shall pay by way of penalty, in the case referred to in clause (a), in addition to the amount of the income-tax and super-tax, if any, payable by him, a sum not exceeding one and a half times that amount, and in the cases referred to in clauses (b) and (c), in addition to any tax payable by him, a sum not exceeding one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s come to the conclusion that the evidence is absolutely insufficient to prove that the amounts in question represent the income of the assessee. We do not find any reason to come to a different conclusion. In these circumstances, the view taken by the Tribunal that there is no case made out for the imposition of the penalty under section 28(1)(c) of the Indian Income-tax Act, 1922, is right. We t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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