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1973 (8) TMI 11 - HC - Income TaxThese two references under section 256(2) of the Income-tax Act, 1961, relate to the assessment year 1964-65 (accounting year ending 31 st March, 1964). The first one arises out of the assessment proceedings for the said year and the other one in respect of a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 - Since the assessee did not maintain any accounts, the profits had to be estimated. No error of law had been committed in this estimation. The Tribunal's finding that sub-contracts were not proved genuine and the assessee was liable for the entire profits was also correct that regarding penalty the mere fact that the assessee was unable to prove that the work was given to sub-contractors does not give rise to an inference that he had concealed any income
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