1988 (12) TMI 31

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....me-tax, West Bengal-X, the following question of law has been referred to this court under section 256(2) of the Income-tax Act, 1961, for the assessment year 1960-61 : "Whether, on the facts and in the circumstances of the case and having regard to the unequivocal admission made by the assessee in its petition under section 271(4A) of the Income-tax Act, 1961, to the effect that income had bee....

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....n filed by the assessee. Thereupon, the Income-tax Officer initiated reassessment proceedings under section 147(a) of the Act on the basis of the admission made by the assessee in the disclosure petition filed before the Commissioner of Income-tax and assessed the peak of the cash credits including the interest paid thereon as income of the assessee. He also initiated penalty proceedings for conce....

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....1(4A) of the Act and it was not accepted by the Commissioner. From the disclosure petition, the Tribunal could not find out any admission on the part of the assessee that income has been concealed or incorrect particulars had been furnished. Mr. Naha, appearing for the Revenue, has fairly submitted that similar question came up for consideration before this court in CIT v. Sarda Rice and Oil Mi....

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....ed on the basis of such admission depending on the facts and circumstances of the case. But we do not find any such material in this case. If the conditions of section 271(4A) are satisfied, the Commissioner cannot deny relief to the assessee. Where the disclosure is eventually rejected but in making the assessment the Income-tax Officer does not bring to tax any amount in excess of what had been ....