TMI Blog1982 (7) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... in two theatres, from running a flour mill and also from the weaving of cloth on 15 power looms. The assessee claimed to have maintained an account till March 21, 1959, when there was a fire in the premises where the books were kept and all the account books were destroyed by the fire. Thereafter, the assessee did not write account books. The returns in respect of the income of the aforesaid assessment years were filed on the basis of estimates. In the case of the cinema theatres, the assessee showed the receipts which were verified. According to the assessee's estimate, the net income from the cinema business was 9% of the receipts. In the case of power looms, the assessee showed the income at Rs. 800 per power loom. Similarly, the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars other than 1964-65. The Tribunal held that, on the facts of the present case, no concealment was established either in the ordinary sense or in the technical sense as envisaged in the Explanation. In its order, the Tribunal pointed out that the assessee did not produce its books of account. It accepted the explanation given by the assessee that the said books up to March 21, 1959, were burnt in fire as claimed by the assessee. The Tribunal held that there was no concealment of income which merited penalty under s. 271(1)(c). The Tribunal rejected the contention of the Revenue that the assessee had maintained books of account in respect of all material years, but had deliberately failed to produce these books of account. It is from this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccurate particulars of such income for the purposes of clause (c) of this sub-section. " It may be mentioned that s. 27l(1)(c) of the I.T. Act, 1961, deals with the levy of penalty for concealing particulars of income or furnishing inaccurate particulars thereof. Coming to the present case, we find that the assessee filed his returns in respect of the aforesaid assessment years merely on the basis of estimates of income. It has not been accepted by the Tribunal that the assessee did have any books of account which he deliberately failed to produce. All that the ITO did in making the assessment was to raise the estimates of income given by the assessee in respect of the income from the cinema business and from the running of the power ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
