1987 (3) TMI 43

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....n of law has been referred to this court by the Income-tax Appellate Tribunal at the instance of the assessee : " Whether, on the facts and in the circumstances of the case, the assessee-company had concealed the particulars of its income or deliberately furnished inaccurate particulars of such income in regard to the claim for deduction of interest of Rs. 1,40,137 for the assessment year 1956-....

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....t Commissioner and the Income-tax Appellate Tribunal. The Income-tax Officer initiated penalty proceedings under section 28(1)(c) of the Indian Income-tax Act, 1922, and, after allowing the assessee an opportunity of being heard, imposed a penalty of Rs. 32,554. For this purpose, the Income-tax Officer mainly relied on the following findings given by the Appellate Assistant Commissioner which w....

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....Indian Income-tax Act, 1922, and section 271(1)(c) of the Income-tax Act, 1961, on the assessee for the subsequent assessment years 1958-59 to 1963-64. Shri Dalvi, learned counsel for the assessee, has taken us through the findings given by the Appellate Assistant Commissioner to show that the Investigation Commission had held that the amounts standing to the credit of M/s. Ramachandra Ramkumar....

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....22, the mere fact that there was no evidence on record except the explanation given by the assessee, which explanation had been found to be false, did not lead to the conclusion that the assessee was guilty of concealment within the meaning of section 28(1)(c). Shri Jetly, learned counsel for the Department, on the other hand, submitted that the Supreme Court decision is not applicable to this cas....