1980 (10) TMI 36

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.... 256(1) of the I.T. Act by the Income-tax Appellate Tribunal, Indore Bench, Indore, seeking our opinion on the following question arising out of its order dated 8th September, 1976 : " Whether, on the facts and in the circumstances of the case, the income concealed was Rs. 2.50 lakhs or Rs. 50,000 (sic) section 271(1)(c) and the Tribunal was justified in law in reducing the quantum of penalty f....

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.... 271(1)(c) of the Act for the concealment of income was leviable. According to the IAC, the income concealed was Rs. 2,50,000 inasmuch as the assessee had shown a loss of Rs. 2 lakhs whereas its income was computed at Rs. 50,000 and the entire sum was the concealed income of the assessee. When the matter went before the Tribunal, the judicial and the Accountant Members, differed with regard to ....

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....come in respect of which the particulars have been concealed or inaccurate particulars have been furnished." The crucial words are " the amount of the income ". " Income " has been defined under s. 2(24) of the I.T. Act. It is an inclusive definition and it covers even such items which are not income in the natural sense of the word. The concept of income has been elaborately discussed by va....