2002 (1) TMI 52

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....HAL LAL GUPTA J.-The assessee is a registered firm. It filed its return of income for the assessment year 1970-71. It declared a loss of Rs.9,190. The Assessing Officer made certain additions and found that the assessee was liable to pay tax on a total income of Rs.1,34,470. On appeal, an addition of Rs.85,000 to the trading account and another addition of Rs.7,800 on account of disallowance of ex....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ribunal is right in holding that the Inspecting Assistant Commissioner is not justified in taking the view that mens rea need not be established in the proceedings drawn under section 271(1)(c)? (2) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that no penalty under section 271(1)(c) is leviable in this case?" Mr. R. P. Sawhney, learned c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ease in licence fee, it was claimed that the assessee could not have suffered a loss. It would have made an additional profit. The case of the assessee was that the margin of profit had not gone up. In fact, it claimed having sold liquor at a lower rate. Ultimately, the addition was made on the basis of an estimate and not on any concrete evidence of concealment of any transaction or furnishing of....