1984 (1) TMI 81

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....t is regarding imposition of penalty for concealment of income. 2. The assessee is a partner in two firms and for the assessment years in question he did not disclose his share incomes from one of the firms. The assessments were completed under s. 143 (1) but for the asst. yr. 1975-76 the ITO during the course of proceedings found that the assessee had not made the disclosure as stated above fo....

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....e the question of deliberate omission did not arise. The mistake it was stated, was accidental and not intentional. 3. The AAC after taking into account the decision of the Supreme Court in the case of Hindustan Steel Ltd. vs. State or Orissa (1972) 83 ITR 26 (SC) held that this was not a case of accidental slip but one of gross negligence and wilful negligence on the part of the assessee which....

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....come from the one of the firms because the assessment of that very firm was with the same ITO. 6. The ld. Departmental Represenative on the other hand, contended that this was into a case of omission for one or two years but for five years and the assessee could not have forgotten to mention the share income from one of the firms unless it was intentional or atleast wilfully negligent and that ....

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....have spoiled his broth. Therefore there was lack of co-ordination. Secondly since the case of the firm was with the same ITO it can well be said that the assessee could not have hoped to cancel from the Department the fact that he was having shares income from that firm. In this connection of Orissa High Court in the case of CWT vs. Ramniklal D. Mehta (1982) 28 CTR (Ori) 69 : (1982) 136 ITR 729 (O....