1992 (10) TMI 29

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....der section 256(2) of the Income-tax Act, 1961 (for short, "the Act"), for the assessment year 1968-69. The Income-tax Appellate Tribunal has referred the following questions : " (i) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee could be allowed to take the plea of technical mistake in accounting regarding the amount of Rs. 3....

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....r import of nickel anodes and for that two bills were made, one of them was in the name of Messrs. James Greaves and Co., Manchester (U. K.) for pound 1,482 and another in the name of Bohler Brothers and Co. Ltd. of Vienna for pound 2,494. The amounts of these two bills in Indian currency worked out to Rs. 30,863. Admittedly, these goods were not received by the assessee during the relevant accoun....

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....usjee and Sons Ltd. was not included even at that stage. The Inspecting Assistant Commissioner, therefore, initiated penalty proceedings in regard to the total amount of Rs. 39,363 and eventually levied penalty under section 271(1)(c) of the Act in the amount of Rs. 50,000. The assessee then appealed to the Income-tax Appellate Tribunal which found that there was a technical mistake in accou....

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....able on the date of filing of the revised return...." From the above reproduced observations, it is clear that the Incometax Appellate Tribunal held that the assessee was guilty of concealment to the extent of Rs. 8,500 only which was entered in the books of account during the relevant accounting year but not reflected in the closing stock. So far as the amount of Rs. 30,863 representing the va....