1975 (9) TMI 26

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....e sale bills ? " The Tribunal has accordingly stated the case. The year of assessment is 1960-61, corresponding to the accounting period ending with March 31, 1960. The assessee was working as the sole distributor of cloth and yarn manufactured by Messrs. Orissa Textile Mills Ltd., in respect of most of the districts of the State of Orissa. For the assessment year the assessee filed a return on November 17, 1960, disclosing total income of Rs. 80,738. While examining the books of account, the Income-tax Officer noticed discrepancies in the sale bills. The assessee thereupon filed a revised return showing income of Rs. 2,33,128. The Income-tax Officer, on further scrutiny of accounts, included a sum of Rs. 4,98,400 as income from other sou....

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....s income and thus became liable for punishment ........." Having come to this conclusion, the Tribunal further stated : "......However, since the assessee has disclosed a higher income in the revised return, for the purpose of computation of the quantum of penalty, the total income disclosed in the revised return will be the basis. We have sustained an addition of Rs. 54,377 which would go to show that the revised return did not contain the full disclosure of the assessee's income. On this score also penalty is exigible. In view of the fact that the assessee repented for its contumacious act as well as without giving avoidable difficulties to the Income-tax Officer came forward with a higher amount of income, a lenient view should be take....