1978 (4) TMI 15

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....ssment year 1967-68, the assessee filed a return of Rs. 21,628. He then filed a revised return showing an income of Rs. 32,244. The ITO assessed him on a total income of Rs.59,513 which was reduced in appeal to Rs.47,753. The increase in the assessed income was largely because of several items of losses having been disallowed. Finding that the returned income was less than 80% of the assessed i....

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....to attribute gross or wilful neglect on the part of the assessee for a variety of reasons. In this view, it was held that no penalty was leviable either under the substantive provisions of cl. (c) or under the Explanation to s. 271(1)(c). On these findings, the penalty was cancelled. At the instance of the Commissioner, the Tribunal has referred, for our opinion, the following questions of law ....

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....alty accrues to the assessee. An assessee is liable to file a return of his total income for each assessment year. An individual asses- see may have several sources of income but the liability to assessment of tax depends upon the total income. Under the Income-tax Act, the total income of an assessee is the assessable unit, not the individual sources, separately or independently. In the present c....

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....no relevance. The only material and relevant fact is the total income for computing the income which is returned or that which is assessed. We regret that we are unable to subscribe to the opinion expressed by the Tribunal that since the difference between the returned and the assessed income from the business of the assessee in Indian Oil products was less than 20%, the assessee was not liable to....