1980 (5) TMI 63

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.... the stock shown in the bank and the books of the assessee the second is some sale of iron casting scrap. The addition was confirmed by the AAC. At the Tribunal stage the matter was decided ex-parte because the assessee did not appear. During the assessment proceedings the ITO issued a notice under s. 271(1)(e) after having obtained the explanation of the assessee, he levied a penalty of Rs. 12,00....

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....mitted that the fact that the addition had been sustained by the Tribunal constituted the martial for establishing the concealment. It was, therefore, submitted that the penalty was exigible. It was further submitted that keeping in view the returned income and assessed income the Expln. to s. 271(1)(c) was applicable. 4. After hearing both the parties I am of the view that the penalty is not exi....