1990 (11) TMI 137

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....DY C. J.-Under section 256(2) of the Income-tax Act, 1961, the Tribunal has referred the following question : " Whether, on the facts and in the circumstances of the case, there was evidence on record justifying the Tribunal's finding that the assessee has discharged the onus under the Explanation to section 271(1)(c) of the Income-tax Act, 1961 ?" The assessee is a registered firm carrying ....

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....They were referred to the Inspecting Assistant Commissioner under section 274(2) of the Act. He levied a penalty of Rs. 81,000. On appeal, however, the Tribunal allowed the appeal holding that the assessee has discharged the burden which lay upon him to rebut the presumption arising from the fact that the returned income was less than 80% of the assessed income. We have perused the order of the Tr....