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1973 (8) TMI 23 - MADRAS HIGH COURTIncome from Business - Income from Undisclosed Sources - Levy Of Penalty - Income-tax Officer pursued the investigation when custom authorities seized certain documents from the assessees but not took any action - " At the instance of the assessee questions were - 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee had concealed his income to the extent of Rs. 10,000 representing the income of Sornavalli Ammal for the assessment year 1958-59 ? " 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee had concealed his income to the extent of Rs. 1,229 representing the interest on credits for the assessment year 1958-59 ? 3. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee had concealed his income to the extent of Rs. 1,500 representing income from currency smuggling during the assessment year 1958-59 ? " - There is no other material to show that the assessee was involved in currency smuggling activities and derived income which he had suppressed. In the special facts and circumstances of this case, we are clearly of the view that the penalty levied cannot at all be sustained
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