TMI Blog1999 (10) TMI 729X X X X Extracts X X X X X X X X Extracts X X X X ..... on 271(1)(c) of the Income-tax Act ? The factual position, as set out in the statement of the case, is as follows: The assessee is a partnership firm carrying on business in foodgrains, provisions, etc. For the assessment years 1970-71 to 1973-74, original assessment was completed on February 16, 1971, September 14, 1972, February 28, 1973 and March 22, 1976. On August 14, 1975, a search was conducted in the business premises of the assessee and the residential premises of the managing partner, Shri P. C. Joseph. On scrutiny of the books of account together with the seized documents for the previous year ending on July 31, 1973, relevant to the assessment year 1974-75, the Assessing Officer noticed that the assessee had made credit sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 54 for each of the years. Reassessments were completed on that basis. In view of the additional income offered and reassessment made, the Assessing Officer was of the view that the said sum represented concealed income of each year and levied penalty under section 271(1)(c) of the Act of a sum equal to the concealed income. Appeals before the Commissioner of Income-tax (Appeals) (in short CIT(A) ) and the Tribunal, who affirmed the levy did not bring any relief. The assessee s plea before the Revenue authorities and the Tribunal was that the true income for the assessment years was not ascertained, and the addition was made on agreed basis spreading the income over four years and there was no deliberate intention in understating the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inaccurate particulars of income have not been defined either in section 271 or elsewhere in the Act. One thing is certain that these two circumstances are not identical in details, although they may lead to the same effect, namely, keeping off a certain portion of income. The former is direct and the latter may be indirect in its execution. The word conceal is derived from the Latin expression concelare , which implies con + celare meaning to hide . In Webster s New International Dictionary, its meaning is equated to hide or withdraw from observation ; to cover or keep from sight ; to prevent the discovery of ; to withhold knowledge of . The offence of concealment is thus a direct attempt to hide an item of income or a portion thereo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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