1991 (8) TMI 41

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....me-tax Act, 1961 (hereinafter to be referred to as "the Act" only), directing the Tribunal to state a case and refer the following questions of law for the opinion of this court : "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in deleting the penalty imposed by the Inspecting Assistant Commissioner of Income-tax in view of the Explan....

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.... January 1, 1967". The assessee had also filed a copy of the sale deed. On the basis of this disclosure, the Income-tax Officer computed certain income of the assessee under section 41(2) of the Act and, for the purpose of computation, the Income-tax Officer adopted a certain basis according to his own mode of computation. Consequently, the assessee was subjected to a penalty of Rs. 1,11,933 under....

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....held that (at page 22) : "The position, therefore, in law is clear. If the returned income is less than 80 per cent. of the assessed income, the presumption is raised against the assessee that the assessee is guilty of fraud or gross or wilful neglect as a result of which he has concealed the income but this presumption can be rebutted. The rebuttal must be on materials relevant and cogent. It ....

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....ase as well, the departmental representative could not show or even urge that the finding of fact arrived at by the Tribunal was in any way perverse or can be said to have been vitiated for non-consideration of relevant materials or has been arrived at by taking into account any irrelevant materials. In this view of the matter, the, finding of the Tribunal appears to be a finding of fact and no....