9911796707
TMI Blog1983 (8) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... e commenced its business in cloth under the name and style of M/s H.S. Trading Co. In the Financial yrs 1965-66 upto asst yr 1973-74, the assessee's income from the said business varied from Rs. nil to Rs. 3,898. In the accounting year. relevant to the Asst. year 1969-70, the assessee constructed a house property and the same was reflected in the balance sheet for that year at Rs. 22,180. Subsequent to the said year, the assessee had shown the property in question in its balance sheet. In the accounting year relevant to the Asst. yr. 1974-75, the assessee through its Karta became a partner in the firm M/s Sailesh Chandra Co. For the years under appeal, the assessee filed its return of income declaring therein its share of profit from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the order of the AAC, the assessee has come up in appeal before the Tribunal. The ld. counsel for the assessee vehemently argued that on facts and circumstances obtaining in the instant case, no penalty could have been imposed u/s 271(1)(c) of the Act. In this connection, he stated that the assessee has shown the income from self occupied property in the asst. yr 1978-79 voluntarily by filing its return of income in the year 139(1) of the Act. It is on this information that the ITO reopened the assessments for the years under appeal, with a view to include the income self-occupied property. In other words, the ld. counsel for the assessee wanted to impress upon us that since in the years prior to asst yr. 1974-75, the assessee had no taxa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the construction of the house property in question were disclosed to the department both in the IT as well as WT proceedings. In other words, the ld. Counsel for the assessee wanted to impress upon us that no attempt was made on behalf of the assessee to conceal the income from self occupied property with a view to evade tax. According to the ld. counsel for the assessee, bona fide omission or inadvertent Act of the assessee in not disclosing the particulars of income in the return of income would not be hit by the ratio laid down in the case Smt. P.K. Kochammu Amma. 5. We have carefully considered the rival submission of the parties as well as the material placed before us and are of the opinion that this is not fit case for impositi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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