2002 (4) TMI 884

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.... ORDER B.L. Khatri, AM. - These two appeals have been filed by the revenue against the orders of CIT(A) for assessment years 1981-82 and 1982-83. For the assessment year 1981-82, the appellant agitated on the ground that the ld. CIT(A) has erred in reducing the penalty of Rs. 1,04,550 imposed under section 271(1)(c) to Rs. 19,810 without adequate justification. Similarly, for assessment year....

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....Lumpsum addition : Rs. 5,000     : Rs. 1,12,300 The assessment was completed on 31-3-1984 in which the total income was determined as under :- Income as returned above : Rs. 1,12,300 Disallowance of loss-Silver refinery : Rs. 15,000 Lumpsum addition as considered by CIT but not included by the assessee : Rs. 5,000 Unexplai....

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....84. Therefore if there is no return of income filed, there can be no furnishing of inaccurate particulars or concealment of income. In the present case since the return of income has been filed after the search & seizure operation and including the major portion of the income assessed subsequently that there can be no substantive concealment on the part of the assessee. Therefore, the ld. CIT(A....

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....he assessment :- (i) Addition on account of undisclosed business transactions : Rs. 5,000 (ii) Unexplained cash out of total cash of Rs. 11,724 not included by the assessee in his return of income : Rs. 3,024 (iii) Unexplained acquisition of silver ornaments : Rs. 4,570 (iv) Unexplained investment in value of mixed metal : Rs. 9,150 The above addi....