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2008 (8) TMI 494 - HC - Income TaxPenalty- The assessee is a partnership firm and was engaged in the business of transportation and forwarding agency. It had filed the return of income for all the three years. A search and seizure had taken place at the Kanpur office as well as the Lucknow office on September 7, 1976, where certain documents, namely, delivery statements, delivery books, rough cash books, etc., were found and seized. During the assessment, it was found that some of the delivery statements were not entered in the cash book and, there fore, some additions were made in the assessment of all the three years. The proceeding for penalty for concealment of income was initiated and after hearing the applicant, the Assessing Officer imposed the penalty which was affirmed by the Commissioner of Income-tax (Appeals) and the Tribunal. Held that- the law applicable on the date of filing of return when concealment had taken place had to be applied. For the assessment years 1976-77 and 1977-78, there was no dispute that the Explanation as amended on April 1, 1976 would be applicable.
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