1974 (11) TMI 28

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....-The Income-tax Appellate Tribunal, Bangalore Bench, has stated a case and referred the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty of Rs. 30,000 levied on the assessee under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 1964-65 ? " The ass....

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....of the marriages of the partners. It was contended that the amount was with them for the past 8 years. The Income-tax Officer did not accept the explanation. He included the amount of Rs. 81,142 in the computation of the total income under section 69A of the Income-tax Act, 1961. The appeals preferred by the assessee contesting this addition before the Appellate Assistant Commissioner and the Appe....

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....ion was made by virtue of the provisions of section 69-A of the Income-tax Act, 1961, there was no other material on record to show that the amount represented the income of the assessee for the relevant year and that it had concealed the same. It held that the authorities had failed to discharge the initial burden that was on them and, therefore, the imposition of penalty was untenable and it was....

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....e assessed as being a " deemed income ". If the raid was on a subsequent day which would fall within the next financial year and the said amount had been found, it would have been assessed in that financial year as the " deemed income " of that financial year. Similarly, if the raid was on an earlier day prior to March 31, 1963, the amount would have been included in the assessment for the year wi....