1973 (3) TMI 45

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....t, 1961. The assessee is a partnership firm. For the assessment year 1953-54, it filed a return showing an income of Rs. 20,000. The return was rejected by the Income-tax Officer who assessed the income at Rs. 40,000. On appeal the assessment was reduced by about Rs. 8,000. Thereafter, the Income-tax Officer discovered that in the relevant year the assessee had divided between its partners a prof....

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....ion. In our opinion the Tribunal had ample material before it. The fact that the assessee had distributed larger profits to its partners than shown in the return coupled with the fact that it had not shown the income from interest and property, clearly establishes the charge of concealment. The fact that in the past the assessee used to be assessed on an estimate basis did not afford any justifica....