1998 (2) TMI 108

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....following questions are referred for our opinion : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law to conclude that there was no mens rea on the part of the assessee-company to conceal the interest income from the Revenue? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee did....

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....o. Ltd. were taxed and penalty proceedings for concealment, under section 271(1)(c), were initiated and finally the penalties for the assessment years 1976-77, 1977-78, 1978-79, 1979-80 and 1981-82 were imposed. The case of the assessee is that the amounts of sale proceeds payable by Saharaj Tea Co. Ltd., was under litigation. Only one instalment has been paid and the balance amount has not bee....

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....ng from mercantile to cash, there is no interest income taxable in the hands of the assessee. Therefore, the assessment was made at "nil" income and the penalty so imposed has been cancelled by the Tribunal. None appears for the assessee. Counsel for the Revenue only supports the orders of the Income-tax Officer and the Commissioner of Income-tax (Appeals). He further submits that not disclosin....

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...., though that has not been accepted by the Commissioner of Income-tax (Appeals). It had no other income except the interest income on the basis of accrual, the balance amount of sale proceeds has not been paid in all these previous years, relevant to the assessment years. Even, no interest has been received from W. S. Cresswell and Co. Ltd. The services of the agent of the assessee were terminated....