2011 (2) TMI 168

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....ent year 1992-93.   3. The assessee was a minor and his income tax return was filed through his father. For the assessment year 1992-93 the Assessing Officer made certain additions towards the interest on the deposit made by the assessee with the M/s. United Tractors.   4. The case of the assessee that in this relevant assessment year no interest was paid to him, was not accepted by the Assessing Officer by the order dated 26th of October, 1994. The said order having been confirmed by the First Appellate Authority as well as by the Income Tax Appellate Tribunal, the present appeal has been filed.   5. The above appeal has been admitted on the following two substantial questions of law: Whether on the facts and in the....

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....see did receive the interest on the said deposit in the earlier assessment years, the burden clearly was upon the assessee as to why the interest was not received during the relevant assessment year. The assessee has failed to discharge the burden.   12. The learned counsel for the assessee has placed reliance upon a Division Bench judgment of this Court in the case of Jwala Prasad Radha Krishna Vs. Commissioner of Income Tax, 198 ITR 415 wherein it has been held that where amount was advanced to sister concern and the interest was received for some years but as a matter of fact the interest was neither paid nor received in the relevant assessment year due to financial crisis, it is not open to the Department to make the addition in....

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....vt. Limited, AIR 2010 SC 1881, in support of his contention that as a matter of fact, the assessee has neither furnished inaccurate particulars of the income nor he has concealed the income. It is a case where the notional income was added at the hands of the assessee.   22. The submission of the learned counsel for the appellant is that on these facts, the aforesaid penal provision is not at all attracted.   23. We have carefully considered the above submission of the learned counsel for the appellant and find sufficient force therein.   24. The Apex Court in the aforesaid decision held that Section 271(1) (c ) of the Act indicates the elements of the strict liability on the assessee for the concealment or for givin....