9911796707
TMI Blog2016 (9) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the case and in law, the Tribunal erred in deleting the penalty levied by the Assessing Officer, holding that there was no concealment of income in the present case and additional income was offered by the Assesses on the basis of mistaken understanding of the consequences of discrepancies?" 4. Briefly, the facts leading to this appeal are as under : (a) The Respondent Assessee filed its return of income for the Assessment Year 1989-90 on 29 December 1989 declaring a total income of Rs. 4.50 lakhs. During the course of assessment proceedings, the Assessing Officer noted discrepancy in the stock available (after purchases) and the sales made therefrom resulting in a negative stock in quantity during some of the months of the previous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... did not agitate the issue further. (c) In the meantime, pending the disposal by the CIT (A) of the Respondent Assessee's appeal in quantum proceeding, the Assessing Officer on 17 December 1990, passed an order imposing penalty under Section 271(1)(c) of the Act upon the Respondent Assessee. This on the basis of the conclusion recorded in the order dated 20 September 1990 of Assessment passed by the Assessing Officer. This resulted in the order dated 17 December 1990 imposing a penalty of 100% of the tax sought to be evaded i.e. Rs. 21.56 lakhs on a concealed income of Rs. 41.07 lakhs. (d) Being aggrieved, the Respondent Assessee carried the order dated 17 December 1990 imposing penalty in appeal to the CIT(A). By an order dated 30 Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me, as is evident from the fact that the Respondent Assessee has itself accepted the same in regular assessment and offered the concealed income to tax. It was submitted that the concealment is evident from the negative stock, as reflected in the order of the Assessing Officer and the intent of the Respondent Assessee was to reduce its tax liability by concealing its income. In view of the aforesaid, it is submitted that penalty imposed upon the Respondent Assessee by the Assessing Officer and CIT(A) need not have been interfered with by the Tribunal. 6. We find that the impugned order of the Tribunal on the basis of the record available before it has come to the conclusion that the addition made to the income during the Assessment proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... month wise statement of purchase and sales submitted by the Respondent Assessee indicated a negative stock. This in the present facts would be of no consequence, as the record indicates and it is not disputed by the Revenue, that there was unrecorded purchase of 4418 metric tones of goods, which would meet the shortage in stock in the month wise statement of purchase and sales of goods submitted by the Respondent Assessee. 8. In the above view, the impugned order of the Tribunal cannot be found fault with. The finding of fact, as recorded by the Assessing Officer and CIT(A), is not disputed by the Tribunal in the impugned order. It is on consideration of these findings recorded by the lower authorities that the impugned order further take ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
