TaxTMI 
TaxTMI 
2004 (11) TMI 95
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....1, for the opinion of this court: "1. Whether, on the facts and in the circumstances of the case the Tribunal was legally correct in reviewing its own finding recorded in the quantum appeal and in holding that earlier finding was not correct on fact? 2. Whether, on the facts and in the circumstances of the case, the order of the Tribunal is vitiated as it has failed to consider the concealment a....
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.... Rs. 5,000 being the income disclosed under the voluntary disclosure scheme. The Income-tax Officer had made assessment of income of Rs. 92,940 which was reduced by the Tribunal to Rs. 55,250. While doing so the unexplained investment in the business was taken by the Tribunal at Rs. 38,000. The Income-tax Officer initiated proceedings under section 271(1)(c) of the Act and imposed penalty of Rs. 4....
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....the onus which lies upon him. The Tribunal on appreciation of evidence has come to the conclusion that Rs. 37,000 was sufficient to meet the turnover of business during the year in question and thus there was neither any fraud or wilful concealment on the part of the respondent-assessee. The findings recorded by the Tribunal are based on appreciation of evidence and material on record and do not s....