2001 (9) TMI 1178

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....upta, J. This is a petition under section 256(2) of the Income Tax Act, 1961 (hereinafter referred to as the Act). 2. For the assessment year 1987-88, the assessee filed its return and declared an income of ₹ 44,080. Subsequently, a survey was conducted at the business premises of the assessee. A revised return was filed by the assessee on 29-9-1988, declaring a total income of ₹ 1,8....

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....rcumstances of the case, the Tribunal is justified in law in cancelling the penalty levied under section 271(1)(c) ₹ 70,000 duly sustained by the Commissioner (Appeals) without appreciating the fact that the filing of revised return itself as a result of survey on assessee's premises which is tantamount to admission of concealment on the part of the assessee ?" 5. The learned couns....

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....hese entries find place in the diary on the later dates. The assessing officer mentions in the order that assessee-firm voluntarily disclosed peak amount of ₹ 1,45,500 for want of proof under section 69/69A/69B of the Act. Assessing officer did not specify any particular section to which this addition was made. Even if it is construed to be a case of deemed addition, the onus lies on the rev....