TaxTMI 
TaxTMI 
2001 (3) TMI 34
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.... that penalty was imposable on the assessee for the assessment year 1971-72 ?" As the question itself indicates, the dispute relates to the assessment year 1971-72. The factual position, as noted in the statement of case, is as fellows : The assessee, a partnership firm, consisted of four partners with a 25 per cent, share each. Its business was of selling steel pipes and tubes, etc., with its bead office at Delhi and branch at Calcutta. For the assessment year in question the previous year ended on Diwali, 1970. The assessee had filed its return on July 20, 1971, declaring an income of Rs. 4,64,890. The assessment was completed on a total income of Rs. 7,50,682. The assessee preferred an appeal to the Appellate Assistant Commissioner of....
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....Therefore, a minimum penalty of Rs. 61,181 was levied. The matter was carried in appeal before the Tribunal. Four appeals were dealt with by the Tribunal together. Three of them relate to the assessments made for the assessment years 1967-68 to 1969-70 while the fourth one relates to the case at hand. The Tribunal noticed that after it was brought to the assessee's notice that the so-called loans were not genuine, the assessee surrendered, after being cornered. Not only that, the assessee had introduced the amounts in question in its books accepting it to be belonging to the firm or its partners. That being the position, there being no scope for claiming interest on the so-called loans and rightly, therefore, it had been held that there was....