9911796707
TMI Blog1974 (11) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... rred the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty of Rs. 30,000 levied on the assessee under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1964-65 ? " The assessee is a firm and assessed as such. The year of account is the one ended with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m for the past 8 years. The Income-tax Officer did not accept the explanation. He included the amount of Rs. 81,142 in the computation of the total income under section 69A of the Income-tax Act, 1961. The appeals preferred by the assessee contesting this addition before the Appellate Assistant Commissioner and the Appellate Tribunal failed. In view of the addition made, the Income-tax Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961, there was no other material on record to show that the amount represented the income of the assessee for the relevant year and that it had concealed the same. It held that the authorities had failed to discharge the initial burden that was on them and, therefore, the imposition of penalty was untenable and it was accordingly cancelled. It is undisputed and it is clear from the order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich would fall within the next financial year and the said amount had been found, it would have been assessed in that financial year as the " deemed income " of that financial year. Similarly, if the raid was on an earlier day prior to March 31, 1963, the amount would have been included in the assessment for the year within which the date fell. Therefore, it is clear that the amount of Rs. 81,142 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he income of the assessee for the year ending 30th June, 1963, and accordingly there was no concealment of income established. On the material on record it is clear that the Tribunal was right in, the view it has taken and cancelling the penalty. The question is accordingly answered in the affirmative and in favour of the assessee. The assessee shall be entitled to the costs of this reference. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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