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2006 (1) TMI 102 - HC - Income TaxThis revision petition is against the judgment passed by the Additional Sessions Judge, confirming the conviction and sentence - A bare reading of the return filed by the applicants clearly shows that there was no deliberate attempt on the part of the applicants to conceal any income. On the contrary, the income which was detected as balance-sheet difference was shown by them, as such, in Part III of the return, showing their bona fide intention that the information was furnished by them to the Income-tax Department for the purpose of assessment. - there was no wilful act to conceal any income so the act of the applicant does not come under the provision of section 276C - two courts below have failed to consider the effect of introduction of 16 the provisions of section 278B w.e.f. October 1, 1975, and the effect of mentioning the balance-sheet difference as goodwill income in Part III of the return. - revision succeeds and is allowed. The judgments passed by the two courts below are set aside and the applicants are acquitted from the charge of the offences punishable under sections 276C and 277 r.w.s. 278B. The amount of fine if deposited by the applicants, be returned to them.
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