1976 (8) TMI 18

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....ction 256(1) of the Income-tax Act, 1961 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessment having been made under the Indian Income-tax Act, 1922, as provided in section 297(2)(a) of the Income-tax Act, 1961, no penalty could be imposed under section 271(1)(c) of the Income-tax Act, 1961, and in setting aside the order of pen....

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....ant Commissioner, for the reasons recorded in his order, that the assessee has deliberately concealed its income and has also furnished inadequate particulars of its income. Accordingly, he levied a penalty of Rs. 3,00,000. The assessee filed an appeal from the penalty order before the Tribunal. It was, inter alia, contended before the Tribunal by the department that the assessee had admitted that....

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....ve been sustained with regard to this amount. In support of the above contention the case of Durga Timber Works v. Commissioner of Income-tax [1971] 79 ITR 63 (Delhi) has been cited. It has been held in that case that, if an admission is made by an assessee that he has concealed certain income, it is not the law that the department should prove again that the assessee has concealed its income in t....