1978 (8) TMI 13

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....ssee filed his return on a total income of Rs. 9,003 for the assessment year 1968-69. The ITO rejected the books of account of the assessee holding that they were unreliable and assessed the income at Rs. 25,530. On appeal, the income was finally reduced to Rs. 17,030. Penalty proceedings were initiated. The IAC held that the concealment was to the tune of Rs. 8,301. He imposed a penalty of Rs.....

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.... of the case, the Tribunal was justified in holding that the penalty was imposable with reference to the amount which is actually found to have been concealed by the assessee and not with regard to the entire extra profit addition sustained in the quantum proceedings ? " We have heard learned counsel for the revenue. No one appeared on behalf of the assessee. The Tribunal's order shows that non....