2006 (4) TMI 107

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....the Tribunal, Chandigarh Bench, Chandigarh, arising out of its order dated December 31, 1976, passed in I. T. A. Nos. 263 and 264 of 1975-76, in respect of the assessment years 1969-70 and 1970-71: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling the penalty of Rs. 25,515 and Rs. 45,680 imposed by the Inspecting Assistant Commissioner unde....

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....lance-sheet raised cash balance, revised other entries and thereafter filed revised returns with the Department. Proceedings were initiated under section 271(1)(c) of the Income-tax Act, 1961 (for short, "the Act") for furnishing inaccurate particulars. In his reply the assessee took the plea that surrender of amounts for purpose of assessment was made bona fide and no inference of admission of....

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....ability is that the amounts which have been subjected to tax in these two years really did not constitute the assessee's income because the assessee had been doing business for the past many years and it was only for lack of evidence that such a contention could not be established. The second probability is that a part of the money on which tax was levied in these two years belonged to his sons. T....