1976 (6) TMI 2

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....of the order dated 18th June, 1974, passed in I.T.A. No. 405/Coch/71-72 : " (i) Whether, on the facts and in the circumstances of the case, the finding of the Tribunal that penalty is imposable based solely on the so-called admission of the assessee is correct in law ? (ii) Whether the finding of the Tribunal that the penalty is imposable is correct in law without finding that the amount surrendered was the income of the assessee during the account year relevant to the assessment year 1968-69, and that the said amount was concealed by the assessee during the account year relevant to the assessment year 1968-69 ? (iii) Whether there is any relevant material in the case to attract section 271 (1)(c) of the Income-tax Act, 1961 ? " ....

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....ssing the said unaccounted income the department can levy the minimum penalty prescribed under the Act for the assessment years 1964-65 to 1968-69. On the basis of the aforesaid agreement, the Income-tax Officer, while making the assessment of the assessee for the year 1968-69, made an addition of a sum of Rs. 2,84,727 as representing the income derived by the assessee from undisclosed sources. Simultaneously, he initiated penalty proceedings against the assessee under section 271(1)(c) of the Act. The Inspecting Assistant Commissioner of Income-tax, Ernakulam, to whom the said matter was referred, imposed on the assessee a penalty equivalent to the amount of the income found to have been concealed, namely, Rs. 2,84,727. Against the s....