TMI Blog1982 (7) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... ith which we are concerned is the assessment year 1968-69. The assessee is a registered firm carrying on business of grains, kirana, oil and so on. During the course of the assessment proceedings in respect of the aforesaid assessment year, the ITO, while scrutinising the books of account, noticed certain cash credited in various accounts. The assessee was asked to prove the genuineness of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TO. The order of the ITO shows that what transpired before him was that when the assessee was asked to explain the above credits which were made in favour of named parties with adequate evidence and to produce the persons concerned for cross-examination, the assessee expressed its inability to produce the persons and prove the credits. On this, the ITO took the view that the assessee had failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has erred in law in holding that the penalty levied on the assessee under section 271(1)(c) of the Act for the assessment year 1968-69 was not sustainable ?" The submission of Mr. Sajnani, the learned counsel for the Revenue, is that the assessee had in fact admitted the concealment of income and hence it was not necessary for the Revenue to prove the same. It was submitted by him that in view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eason given by the assessee being that it was always heavily indebted and unable to trouble its creditors to give evidence. The aforesaid stand by the assessee can, in our view, never be considered as an admission by the assessee that it has concealed any income. As far as the decision in Western Automobiles (India) [1978] 112 ITR 1048 (Bom) is concerned, the facts of that case are altogether diff ..... X X X X Extracts X X X X X X X X Extracts X X X X
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