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of <h1>Tribunal dismisses 1971-72 appeal, cancels penalties for inaccurate income particulars in 1972-73, 1973-74.</h1> <h3>MS ARULANANDAM. Versus INCOME TAX OFFICER.</h3> The appeal for the assessment year 1971-72 was dismissed by the Tribunal due to lack of new evidence challenging previous findings. However, the penalty ... - Issues:- Appeal against the income assessed for the assessment years 1971-72, 1972-73, and 1973-74.- Appeal against the levy of penalty under section 271(1)(C) for inaccurate particulars of income.Analysis:1. Appeal for the Year 1971-72:The primary issue in this appeal is the inclusion of income from a business carried out at a specific location in the hands of the assessee instead of his son, as claimed by the assessee. The assessment was based on a voluntary return filed by the assessee, and the income was estimated due to lack of proper accounts. The Customs Authorities' raid and statements made by the assessee and his son were crucial in determining the inclusion of income from the business. The Tribunal noted that while the assessee disputed the inclusion for the current year, similar assessments for previous and subsequent years had been finalized. The Tribunal found that there was no new evidence presented to challenge the previous findings, leading to the dismissal of the appeal for the year 1971-72.2. Penalty Appeals for 1972-73 and 1973-74:The penalty appeals were related to the same issue of income inclusion and ownership of the business. The Tribunal observed that the assessments were primarily based on statements made to the Customs Authorities and lacked independent verification by the Income Tax Officer. Additionally, the business activities were considered small-scale with no significant investments, making it unlikely for the assessee and his sons to be involved. The Tribunal concluded that there was insufficient evidence to support the imposition of penalties for concealing or furnishing inaccurate particulars of income. As a result, the penalties for both years were canceled, and the appeals for 1972-73 and 1973-74 were allowed.In conclusion, the Tribunal dismissed the appeal for the year 1971-72 due to lack of new evidence challenging previous findings and allowed the penalty appeals for 1972-73 and 1973-74, canceling the penalties imposed.
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