2003 (11) TMI 11

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....For the assessment year 1985-86, the assessee which carries on business in photographic films, filed a return declaring a total income of Rs. 25,02,120. In the balance-sheet for that year it showed a sum of Rs. 19,19,622 as amount due from sundry creditors. On the Assessing Officer calling upon the assessee to furnish the particulars of those sundry creditors, the assessee stated that that amount ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncome. On appeal by the assessee, the penalty was set aside. The Revenue having carried the matter in appeal to the Tribunal, the Tribunal restored the order of the Assessing Officer. At the instance of the assessee, this reference has been brought before us. Learned counsel for the assessee submitted that the view of the Tribunal is erroneous as the assessee cannot be said to have concealed an....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ult of gross negligence which was not capable of being regarded as an innocent act, penalty is not to be ordinarily levied. We cannot agree with the submission made for the Revenue that intent has no place at all in section 271(1)(c) of the Act. The word "conceal" as defined in the Concise Oxford Dictionary as "not allowed to be seen; hide; keep secret; prevent from doing known.". Concealment, imp....