TaxTMI 
TaxTMI 
1974 (4) TMI 27
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....Act, 1961 (hereinafter referred to as "the Act ") is whether the Tribunal was justified in law in holding that the assessee was not liable to penalty under section 271(1)(c) of the Act. The assessee carried on business as a commission agent and of dealings in foodgrains. For the assessment year 1968-69, the assessee returned an income of Rs. 15,883 as per profit and loss account. However, the In....
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....)(c) of the Act as the income returned was less than 80 per cent. of the income assessed under section 143 of the Act. The Inspecting Assistant Commissioner was of the view that the assessee was guilty of gross negligence in not making additions to his income of the items mentioned above. The assessee then filed an appeal to the Appellate Tribunal. The Appellate Tribunal, however, took into consid....
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....ssessee was not liable to penalty under section 271(1)(c) of the Act?" We have stated the facts. It may be mentioned at the outset that, on these facts, the Tribunal could take either of the views, namely, that the omission was deliberate and also that it was not, because no explanation of the assessee was called for as to in what circumstances he omitted to add back the amounts which were menti....