1993 (10) TMI 22

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....ion 256(2) of the Income-tax Act, 1961, in respect of the assessment years 1974-75 to 1978-79. The assessee is a firm which was carrying on business in the purchase and sale of steel tubes. On April 7, 1980, there was a search under section 132(1) of the Act at the business and residential premises of the assessee firm and its partners. One of the items which got known as result of the search w....

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....h. According to the assessee, it wanted to buy peace and it offered to get itself assessed on the sum of Rs. 2,25,010 but instead of being taxed in the previous year relevant to the assessment year 1978-79, it wanted that it should be spread over the years 1974-75 to 1978-79. Revised returns were filed by the assessee for each of the years, namely, 1974-75, 1975-76, 1976-77 and it surrendered R....

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....ing to the imposition of penalty under section 271(1)(c). It is contended by learned counsel for the assessee that no penalty was leviable as it was by reason of the agreement between the assessee and the Department that the sum of Rs. 2,25,010 was spread over five different assessment years. In our opinion, no question of law arises. It is a finding of fact that there was concealed income t....