1987 (1) TMI 31

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.... is referred under section 256 of the Income-tax Act, 1961, at the instance of the Revenue : " Whether, on the facts and in the circumstances of the case, the assessee's letter dated July 16, 1971, amounted to admission of concealment of income of Rs. 60,000 ? Basic factual background is this. After completing the assessment, it came to light that in the account books some money was introduc....

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....on Durga Timber Works v. CIT [1971] 79 ITR 63 (Delhi), levied penalty of Rs. 10,000. Aggrieved by the order of the Inspecting Assistant Commissioner, the Income-tax Appellate Tribunal was approached. The principal contention of the assessee before the Tribunal was that the letter addressed to the Income-tax Officer did not amount to an admission of concealment of income, though the wording in the ....