2015 (11) TMI 930

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....seeks admission of the appeal on the following substantial question of law : "Whether, on the facts and in the circumstances of the case, the order of the Income-tax Appellate Tribunal cancelling the penalties under section 271(1)(c) of the Income-tax Act, 1961, for the assessment years 1959-60 to 1965-66 for concealment of income is perverse on facts and erroneous in law ?" The facts are in 1959 the books of accounts of the assessee were seized by the CBI. On 13th May, 1959 and 21st May, 1960 the Income Tax Department issued notice for filing return under section 22(2) of the Income-Tax Act, 1922. Pursuant to the notice, the assessee on 4th February, 1961 filed the return for the assessment year 1959-60 on estimate basis without the aud....

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.... to the said direction, the assessee filed appeals before the Tribunal which were allowed by quashing the penalty imposed. In the present proceedings the order of the Tribunal is under challenge. Mr.M.P.Agarwal, learned advocate for the appellant submits the books of accounts of the assessee were seized by the CBI and the assessee had submitted the returns without Profit and Loss Accounts, Balance Sheets and Auditor's report. However, when books of accounts were returned, the assessee had filed revised returns. There was huge disparity between the original returned income and the revised return. Since the assessee agreed for levy of minimum penalty at the rate of 20%, minimum penalty was imposed. Since it is evident from the chart in parag....