1998 (7) TMI 67

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....he Special Court of Economic Offences, Dhanbad, has taken cognizance against the petitioners under sections 276C and 277 of the Income-tax Act, 1961. Petitioner No. 1, Kailash Stone Works, is a registered firm at Pakur in the district of Sahebganj and the other petitioners are its partners. The petitioners derive income from manufacture and sale of stone chips. On November 30, 1990, the petitio....

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....g expenses Rs. 79,872 and canteen expenses Rs. 86,763. Examination of the account books revealed that no proper vouchers were maintained. The complaint was filed by the Income-tax Officer, Deoghar, before the Special Court of Economic Offences, Dhanbad. The complaint petition also mentioned that the penalty proceeding under section 271(1)(c) has also been initiated. According to the complaint p....

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....und that there was no concealment of income and the order of the Assessing Officer to the contrary was wrong and it was cancelled. It appears that against the said order passed by the Commissioner of Income-tax (Appeals), the Revenue filed appeal before the Income-tax Tribunal. The Appellate Tribunal by order dated November 24, 1995, dismissed the Revenue's appeal. Since the penalty imposed ....