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2015 (11) TMI 930 - CALCUTTA HIGH COURT

2015 (11) TMI 930 - CALCUTTA HIGH COURT - TMI - Penalty under section 271(1)(c) - disparity between the original return and the assessed income on revised return - ITAT deleted the addition - Held that:- Admittedly, in the year 1959 the books of accounts of the assessee were seized. Having no other option the assessee filed income tax returns on estimation without enclosing the audit report, profit and loss account and balance sheet. After the books of accounts were returned, revised returns wer .....

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nafide or there was no fraud or wilful neglect on the part of the assessee while filing the original returns and the Tribunal in appeal found that admission cannot give jurisdiction to the Assessing Officer to levy penalty, in our view, no substantial question of law arises from the order passed by the Income Tax Appellate Tribunal.- Decided in favour of assessee. - ITA 545 of 2004 - Dated:- 11-8-2015 - Hon'ble SOUMITRA PAL AND Hon'ble MIR DARA SHEKO, JJ. For The Appellant : Mr. M.P.Agar .....

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substantial question of law : Whether, on the facts and in the circumstances of the case, the order of the Income-tax Appellate Tribunal cancelling the penalties under section 271(1)(c) of the Income-tax Act, 1961, for the assessment years 1959-60 to 1965-66 for concealment of income is perverse on facts and erroneous in law ? The facts are in 1959 the books of accounts of the assessee were seized by the CBI. On 13th May, 1959 and 21st May, 1960 the Income Tax Department issued notice for filing .....

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5 was filed. All the assessments were either set aside or reopened at the instance of the assessee under section 146 of the Income Tax Act, 1961. Thereafter, the books of accounts seized by the CBI were returned to the assessee. After receiving the books of accounts, on 30th July, 1974 revised returns for the all the assessment years were filed. On 4th October, 1974, revised returns were assessed and orders were passed. As there was difference between the original returned income of the assessee .....

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ry, 1976, the Supreme Court directed that notwithstanding any stipulation in the agreement to the contrary, the assessee should file appeal before the Tribunal against the order of penalty. Pursuant to the said direction, the assessee filed appeals before the Tribunal which were allowed by quashing the penalty imposed. In the present proceedings the order of the Tribunal is under challenge. Mr.M.P.Agarwal, learned advocate for the appellant submits the books of accounts of the assessee were seiz .....

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sparity between the returned income and the income assessed and as the assessee had agreed before the Assessing Officer as well as before the CIT(Administration) for levy of minimum penalty and as concealment is patent, the levy of penalty is just and proper. Mr. Abhrotosh Majumder, learned advocate for the respondent, assisted by Mrs.Nilanjana Banerjee (Pal), referring to the order of the Tribunal submits that since the books of accounts were seized by the CBI, the assessee had no other option .....

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