1980 (12) TMI 91

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....r s. 271 (1)(c) of IT Act, 1961. 2. The assessee filed its return of income on2nd Sept., 1973declaring an income of Rs. 46,880. The income returned was from business. A notice under s. 143(2) of the Act was issued on17th Oct., 1975fixing the case on31st Oct., 1975. No proceedings seem to have been conducted on31st Oct., 1975. However it appears that the assessee's Advocate appeared before the I....

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....0 in the name of Smt. Sheela Devi.' In other words, the assessee in the revised return surrendered an amount of Rs. 10,720. 3. The ITO made the assessment on20th March 1976on an income of Rs. 89,811 which also included the surrendered amount of Rs. 10,720. He also initiated proceedings under s. 271(1)(c), of the Act, 4. The ITO, therefore referred the matter to IAC under s. 274(2) of the Act....

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....of this claim. 6. The ld. Departmental Representative on the other hand submitted that the assessee was compelled to surrender the cash credit on29th Jan., 1976after it was called upon to file evidences regarding the cash credits and squared up accounts and other particulars. His submission therefore, was that the assessee was guilty of concealment. He also submitted by referring to certain aut....

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.... the partners, bank certificate, rent receipt and complete books of account with vouchers. There is nothing on record to show that the assessee was also required to file evidence regarding cash credits or copies of the squared up accounts as mentioned by the IAC in his order. Even if the assessee would have been asked to submit such details, they by themselves did not go to show that any case of p....