2006 (3) TMI 130

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....ed in the production and sale of hybrid seeds. For the assessment year 1997-98, it appears to have claimed exemption from payment of income-tax under section 10(1) of the Income-tax, 1961 on the ground that the income derived by it was from "agricultural activities". The Assessing Officer rejected that claim and brought to tax the amount of income disclosed by the assessee. Simultaneously, proceed....

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....ssee by saying that in the light of the decision of Raja Benoy Kumar Sahas Roy [1957] 32 ITR 466, the activity carried out by the assessee was not an agricultural activity. On the basis of this law of the land laid down by the Supreme Court, the assessee has been insinuated with the offence of concealment. Curiously though, the assessee has itself relied on Raja Benoy Kumar Sahas Roy [1957] 32 ITR....

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....ws that there is no mens rea attributable to the assessee. The assessee has all through been laying bare all the facts pertaining to earn its income before the Tribunal, that even as much as scintilla of either suggestio falsi or suppressio vari. The assessee can, in no manner, be said not entitled to entertain a bona fide belief, which has been repeatedly accepted by the Department over the years....