1981 (6) TMI 25

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....sessment proceedings for the assessment year 1969-70, the ITO, Ward No. 1, Porbandar, noticed a cash credit of Rs. 25,000 in the assessee's books of account which was introduced on January 8, 1968. The assessee, who carries on transport business under the name and style of Ramesh Transport, was called upon to explain the nature and source of this cash credit. She did submit her explanation. The IT....

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....as it was produced before the IAC in the penalty proceedings under s. 271(1)(c) of the I.T. Act, 1961 (hereinafter referred to as " the Act "). The Tribunal having confirmed the view taken by the AAC, at the instance of the assessee, the following question has been referred to us for our opinion under s. 256(1) of the Act: " Whether, on the facts and in the circumstances of the case, the Tribun....

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.... pointed out above, the Tribunal overruled, the objection raised by the assessee on the ground that the assessee was aware of the additional evidence since it was produced before the IAC in the penalty proceedings. The approach of the Tribunal is neither legal nor correct. The question was not whether or not the assessee was aware of the additional evidence when the matter came up for hearing befo....