TMI Blog2015 (2) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... tion differently. The Tribunal has considered the revised income on the basis of unexplained deficiencies in the shape of Fixed Deposits(FDs), deficiency in stock, expenses incurred in cash and cash received on sale of property etc., therefore, the basis of penalty is not the estimated household expenses but the other reasons as there was difference of ₹ 70,000/- ₹ 26,000/- and ₹ 60,000/- in the assessment years 1985-86, 1986-87 and 1987-88 respectively on account of difference of the revised income and the income assessed. - Decided against assessee. - ITR No. 174 to 176 of 1999 - - - Dated:- 12-1-2015 - MR. HEMANT GUPTA AND MR. HARI PAL VERMA , JJ. For the Appellant: Mr. Aalok Mittal, Advocate For the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,18,763/- 2,88,763/- 70,000/- 1986-87 33,040/- 2,24,883/- 2,50,888/- 26,000/- 1987-88 6,890/- 1,38,988/- 1,98,988/- 60,000/- Thus there was difference of ₹ 70,000/- ₹ 26,000/- and ₹ 60,000/- in the assessment years 1985-86, 1986-87 and 1987-88 respectively on account of difference of the revised income and the income assessed. The Assessing Officer initiated penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961. The 100% penalty was imposed for the three assessment years in question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ears 1982-83, 1983-84 and 1984-85, for the reason that assessed income was based upon estimated household expenses. Since such basis have been taken into consideration for three assessment years, we find that such reason cannot be the basis of setting aside the penalty in the three subsequent years i.e. 1985-86, 1986-87 and 1987-88, as the Tribunal itself has treated the years in question differently. The Tribunal has considered the revised income on the basis of unexplained deficiencies in the shape of Fixed Deposits(FDs), deficiency in stock, expenses incurred in cash and cash received on sale of property etc., therefore, the basis of penalty is not the estimated household expenses but the other reasons as enumerated above. In view o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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