1983 (4) TMI 100

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....e Tax ("IAC" for shorter) Briefly speaking the facts of the case are as under. 2. The Income tax officer ("ITO" for short) in the course of assessment proceedings noted that the assessee concealed his income in the name R.C. Malpani (p) Ltd which was held to be a benami concern of the assessee. The penalty proceedings were refereed to the IAC by the ITO who made the assessment. The IAC took up ....

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.... Ram Baran Ram Nath (1976) 104 ITR 691 (All) Burmah shell Oil Storage & Distributors Co. of India Ltd. vs. ITO (1978) 112 ITR 592 (Cal) and CIT vs. Anwar Ali (1970) 76 ITR 696 (SC) etc, were placed. 4. It was also submitted that on similar grounds and on similar reasons the penalty proceedings for the asst. yr. 1966-67 and other years were dropped by the IAC himself. The IAC after considering t....

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....mitted that it was no matter of opinion being adopted on the disclosed facts and therefore the case did not fall within the ambit of s. 271(1)(c) This plea was not accepted by the IAC who noted from the facts stated earlier that the assesses has no ITO included the income from the contract work done in the name of R.C. Malpani. Having rejected the submissions made on behalf of the assessee the IAC....

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.... the revenue. But it is seen from the copy of the order that IAC has dropped the penalty proceedings u/s 271(1) (c) for other years as placed in the paper book filled on behalf of the assessee. That apart the IAC has not brought fresh facts and materials collected in course of the assessment proceedings are a good evidence but are not conclusive for the purpose. 7. Having regard to the totality....