2005 (3) TMI 35

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....n 256(2) of the Income-tax Act, 1961, hereinafter referred to as "the Act", for opinion to this court, relating to the assessment years 1981-82 and 1982-83: "Whether, on a true and correct interpretation of the provision of law as contained in section 139(4) read with section 271(1)(c) of the Income-tax Act, 1961, and Explanation thereto and application of such provisions to the facts of the case....

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....d by the Assessing Officer to furnish the details of the purchase and sale of cycles. The applicant thereafter filed a revised return showing an income of Rs. 57,069 along with which it had filed a chart in which the closing stock of cycles purchased within U.P. was shown at Rs. 19,941 as against Rs. 15,287 shown in the original return. With regard to the ex-U.P. cycle account, the closing stock w....

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....y, the applicant preferred an appeal before the Appellate Assistant Commissioner who had held that the applicant had detected the mistake itself and which was bona fide and, therefore, penalty was not imposable and set aside the penalty order. The Revenue feeling aggrieved, preferred an appeal before the Tribunal. The Tribunal has restored the penalty order. We have heard Shri Rakesh Kumar, learn....

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....sed. Having heard learned counsel for the parties, we find that the order-sheet entry dated September 27, 1978, does not mention anything about concealment in the closing stock having been detected by the Assessing Officer. Entry dated September 27, 1978, is reproduced below: "September 27, 1978. Nirdhariti ke bhagidar Shri Imran Ahmed upasthit hua. Anshik sunvayee ki gaee. Cycle kharid aur phar....