2001 (9) TMI 1178

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....ay Bansal. ORDER Jawahar Lal Gupta, 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 Rs. 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, dec....

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....n the facts and in the circumstances of the case, the Tribunal is justified in law in cancelling the penalty levied under section 271(1)(c) Rs. 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.....

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.... It was stated that these 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 Rs. 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 onu....