2002 (8) TMI 86

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....HA BABU J.-The question referred to us at the instance of the Revenue is: "Whether, the Appellate Tribunal was right in holding and had valid materials to hold that the assessee has not concealed its income and that penalty under section 271(1)(c) is not exigible for the assessment years 1971-72, 1972-73, 1973-74 especially when the assessee had not maintained the accounts year after year and t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....timate made by the assessee. The officer therefore inferred that the assessee had deliberately concealed her true income and proceeded to levy penalty. On appeal to the Commissioner (Appeals), the Commissioner (Appeals) agreed with the assessee and held that there had been no deliberate concealment. The Commissioner (Appeals) in his order relating to the assessment year 1971-72 held thus: "T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....come offered was Rs. 12,500 for 10 units in 1971-72. As the buses in 1971-72 had become older when compared to those in 1969-70 and 1970-71, the reduction in income from Rs. 14,900 in 1970-71 to Rs. 12,500 in 1971-72 has to be held to be a bona fide reduction. Since the assessee had offered satisfactory explanations and thereby rebutted the presumption raised against him under the Explanation to s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessee..." Thereafter, the Tribunal proceeded to conclude thus: "In the present case, on the facts which we have set out, in the absence of any specific discrepancy being detected or any specific omission being established, it cannot be held that there was any gross or wilful negligence on the part of the assessee in returning the income on the basis of the estimate made by the assessee in ....