1992 (2) TMI 18

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....sel for the parties stated that they have no objection if this reference was heard by this Bench. The assessee is a partnership firm running a restaurant and the assessment year under reference is 1970-71. In the course of the income-tax assessment for the assessment year under reference, the Income-tax Officer, on scrutiny of the cash book, found that the assessee had tampered with the figures....

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....alty proceedings to the Inspecting Assistant Commissioner. The Inspecting Assistant Commissioner levied penalty of Rs. 55,000 in respect of the income concealed. The assessee preferred an appeal against the levy of penalty before the Tribunal. The Tribunal was of the view that penalty was leviable only in respect of the understatement of sales. In this view of the matter, it reduced the penalty to....