1978 (1) TMI 99

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.... 2. The assessee in asst. yr. 1970-71 had returned and income of Rs. 8,652 but the income finally assessed by the Tribunal was Rs. 16,450. For asst. yr. 1971-72, the income shown was Rs. 12,240 but was assessed at Rs. 21,900. The ITO started penalty proceedings but the assessee did not show cause in response to the notices served on it. The ITO, in both cases, held that the assessee had furnished....

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....n support of this contention our attention was invited to the order of the Tribunal for asst. yr. 1970-71 (page 4 of the compilation) wherein the Tribunal observed that the assessee maintained records showing mileage, fare receipts, expenses incurred etc. It is true that the ITO had invoked proviso to s. 145(1) of the IT Act and estimated the income, but for this reason alone, no inference of conc....