2008 (8) TMI 494

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....ivered by 1. R. K AGRAWAL J. - The Income-tax Appellate Tribunal, Allahabad Bench "B", Allahabad, at the instance of the assessee, has referred the following question of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion of this court: "1. Whether, the Tribunal was legally justified in confirming the penalty under section 271(1) (c) w....

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....being the rule of evidence, the amended Explanation introduced with effect from April 1, 1976, would apply and accordingly the Tribunal should have considered the Explanation introduced with effect from April 1, 1976? 3. Whether on the facts and circumstances, the view of the Tribunal that the assessee has deliberately concealed the income, is legally correct? 4. The Tribunal had only referr....

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....w office on September 7, 1976, where certain documents, namely, delivery statements, delivery books, rough cash books, etc., were found and seized. During the assessment, it was found that some of the delivery statements were not entered in the cash book and, there fore, some additions were made in the assessment of all the three years. The proceeding for penalty for concealment of income was init....

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....ment of the income on the part of the assessee. The specific submission of the learned authorised representative of the assessee before the Tribunal has been noted in paragraph 6 of the order of the Tribunal. Thus, it was the case of the assessee before the Tribunal that the Explanation, as it stood during the assessment year 1975-76 and as was amended by the Finance Act, 1964, would apply. That b....