9911796707
TMI Blog1981 (1) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... ee filed a return showing an income of Rs. 96,260 and the finally assessed income comes to Rs. 1,17,010. In the course of the assessment the ITO had found that the assessee could not explain sales to the extent of Rs. 14,455 as this was over and above the stock accounted for by the assessee. This addition had been made on the ground that on different dates the ITO had found some discrepancy betwee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , held that the assessee had concealed his income and imposed a penalty of Rs. 14,500. 3. Before the AAC again reliance was placed on a letter from Hyderabad party which had stated that it had given certain amounts of sandalwood oil to the assessee in the months of April, May and September, 1973 and had received it back in the months of January and March, 1974. It has, however admitted that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was a fit case for penalty under s. 271(1)(c). 4. It has been submitted before us that his was a case where Explanation to s. 271(1)(c) was not applicable and the assessee had relied on certain letters on the basis of which it was claimed that the assessee had received goods which could explain the additional stocks required for the additional sales. It was contended that the Hyderabad party has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Srinivasan & Co vs. CIT (Mad) (1974) 97 ITR 431 (Mad) and in the case of CIT vs.(AP) Ananth Ram Veer Singah & Co. (1975) 99 ITR 544(AP). 6. We have considered the facts of the case and we find that in this case Explanation to s. 271 (1)(c) is not applicable. In view of this, the onus is one the Department to establish a positive case of concealment. No doubt, in the assessment proceeding addit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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