1983 (3) TMI 35

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.... whether such finding was otherwise unreasonable or perverse ? 2. Without prejudice to question No. 1, whether, on the facts and in the circumstances of the case and in view of the fact that the assessee had disclosed an incorrect figure of closing stock while filing the original return of income and on a correct interpretation of the Explanation to s. 271(1)(c) of the I.T. Act, 1961, there was any onus on the Department to prove that the assessee had concealed its income or had furnished inaccurate particulars of such income? 3. Whether, on the facts and in the circumstances of the case, and in view of the Tribunal's finding while disposing of the assessee's appeal against the assessment order that the ITO had detected certain unacco....

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....assessee. Simultaneously, he initiated penalty proceedings under s. 271(1)(c) of the Act, 1961, and referred the matter to the IAC as the minimum penalty imposable exceeded Rs. 1,000. The IAC in his order dated October 23, 1970, stated that in its original return filed on June 16, 1966, the assessee had shown loss of Rs. 567 under the head " Business " Subsequently, on September 7, 1967, the assessee filed a revised return showing income of Rs. 29,449 under the head " Business ". The assessee's explanation about the discrepancy was that some mistakes had crept in totalling the value of the closing stock when the original return was filed. The original closing stock figure was taken at Rs. 30,827 instead of Rs. 60,827 which was subsequent....

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....tion 271(1)(c) of the 1961 Act. In this view of the matter, we cancel the order of the IAC made under s. 271(1)(c) of the 1961 Act. " Mr. Dhar, appearing on behalf of the Revenue, has argued a number of points of law before us. Nobody has appeared on behalf of the assessee. But we are of the opinion that in view of the findings of fact made by the Tribunal, it is not necessary to go into the questions of law raised in this reference at all. The Tribunal has held that sufficient facts had not been brought on record to establish a charge of concealment of income or of furnishing inaccurate particulars as envisaged in s. 271(1)(c) of the 1961 Act. The Tribunal has pointed out that the addition that was made by the ITO was by invoking the pr....