TaxTMI 
TaxTMI 
1976 (9) TMI 54
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....sessee, are disposed of by a common order. The applications arise from the order of the Tribunal disposing of an appeal by the assessee against the levy of penalty u/s. 271(1)(c) for the assessment year 1969-70. 2. The affairs of the assessee were under investigation by the department and the assessee filed a disclosure petition on 10th Sept.,1969 in which they explain the modus operandi of the....
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.... After going through the account books, the assessees and their representative had given the full particulars of the income under these two heads. These were accepted by the Income-tax Officer. 4. The investigation for this year and the earlier assessment years was done together and there was a settlement effected between the assessee and the department. In that statement the assessee had agree....
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....ces. (iii) The Partners had deposed before the Income Tax Officer the details of the advances outside the books. This was not found by the ITO's investigation but it was what the assessee himself has given in pursuance of their return. (iv) At the earliest opportunity, the assessee had filed the details of the bogus deposits in the banking books and the interest thereon which was to be taxed....
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....t was the agreement for the levy of penalty. We hold that against the evidence in favour of the assessee the mere agreement would not be sufficient for upholding the levy. 7. It will be seen therefrom that we have come to the conclusion that the assessee had not concealed any income on a mere appreciation of evidence placed before us. We have recorded the facts. No question of law is involved. ....