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The Commissioner of Income Tax-17, Mumbai Versus M/s. Ghasiram Gokalchand

Penalty u/s 271(1)(c) - addition made to the income during the Assessment proceedings - unrecorded purchase - concealment of income with regard to sales - Held that:- The fact that the Respondent Assessee had itself disclosed additional income during the course of the assessment proceedings, would not by itself lead to the conclusion of concealment of income. An admission made by a party contrary to facts on record would not estop a party, from pointing out/explaining the facts already on record .....

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ent 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. In the above view, the impugned order of the Tribunal cannot be found fault with. The f .....

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JJ. Mr. A.R. Malhotra, a/w. Mr. N.A. Kazi, for the Appellant Mr. K.B. Bhujle, for the Respondent ORDER P. C. This appeal under Section 260A of the Income Tax Act, 1961 ( the Act ) challenges the order dated 15 February 2007 passed by the Income Tax Appellate Tribunal ( Tribunal ). 2. The impugned order relates to Assessment year 1989-90. 3. This appeal was admitted on 27 July 2009 on the following substantial question of law : Whether on the facts and circumstances of the case and in law, the Tr .....

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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 year relevant to the Assessment Year. The Respondent Assessee, during the assessment proceedings, conceeded to the above fact and voluntarily offered a sum as additional Income of ₹ 40.89 lakhs for tax. Further, the Assessing Officer also noted that the sales for the month o .....

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of an Assessment order dated 20 September 1990 under Section 143(3) of the Act, no inference was drawn therefrom. Thus resulting in enhancing the total Income from ₹ 4.50 lakhs to ₹ 45.58 lakhs. (b) Being aggrieved with the order dated 20 September 1990, passed under Section 143(3) of the Act, the Respondent Assessee filed an appeal to the Commissioner of Income Tax (Appeals) (CIT(A)). By order dated 25 February 1991, the CIT(A) dismissed the appeal holding that there could be no cau .....

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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. ₹ 21.56 lakhs on a concealed income of ₹ 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 Septe .....

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n further appeal, the Tribunal, by the impugned order dated 15 February 2007, accepted the Respondent Assessee's contention on the basis of the material available on record that there has been no concealment of income. Thus the entire penalty of ₹ 21.56 lakhs was deleted. This on the basis that if the unrecorded purchases, as indicated in the assessment order, are taken into account, the same would cover the negative stock, particularly in view of the fact that the unrecorded purchases .....

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e, 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 CI .....

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eeds were duly accounted inclusive of unrecorded purchases, which is not disputed. Besides the discrepancy in the sales value, as recorded in the sales register and as submitted by the Respondent Assessee during the course of assessment proceedings, would be of no consequence, as the sales recorded in the books are in accordance with the sales register. Therefore, there has been no concealment of income with regard to sales. 7. The fact that the Respondent Assessee had itself disclosed additiona .....

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