1983 (11) TMI 16

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....this reference under s. 256(1) of the I.T. Act, 1961, hereinafter referred to as " the Act ", the Income-tax Appellate Tribunal, Indore Bench, has referred the following questions of law to this court for its opinion: " (1) Whether, on the facts and in the circumstances of the case, the assessee could be said to have concealed the particulars of his income for the A. Y. 1973-74 so as to be pena....

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....he ITO found in those proceedings on the basis of the material on record that the assessee was unable to explain the discrepancies in stocks. Penalty was accordingly levied by the ITO equal to the income concealed. On appeal, the AAC held that in respect of rice account, the assessee could not be held to have concealed particulars of his income and accordingly the amount of penalty was reduced to ....

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.... cannot be regarded as conclusive for the purpose of penalty proceedings. In the instant case, the Tribunal appreciated the material on record afresh in the penalty proceedings and found that it was proved that there was unexplained excess of wheat stock, as found by the Food Department. The Tribunal further found that in the absence of any plausible explanation by the assessee, it must be held, i....