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2005 (9) TMI 658

laring a total income of ₹ 2, 85,150/-. The Assessing Authority had completed the assessment under Section 143(3) of the Income Tax Act ( the Act for short) on an income of ₹ 2,87,970/- 2. During an investigation in some other group cases, one Sri. Vimal Kumar Agarwal had stated before the Assistant Director of Inspection of Income-Tax that loans of ₹ 60,000/- from Deena Dayal Aggarwal and ₹ 50,000/- from Mahendra Aggarwal shown in the books of the asssessee during the preceding year relevant to the assessment year were not genuine. Based on this information, the Assistant Director of Inspection had issued a notice under Section 132(3) of the Act, on the assessee to explain the book entries made in so far as the alle .....

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are of the opinion that no penalty is imposable under the facts and circumstances of the case. In the letter dt. 9.4.1990 the assessee had offered to be assessed on a sum of ₹ 1,15,000/- along with the interest with a view to avoid long drawn process of litigation and with a view to buy peace from the Department. A specific condition was put that no penalty would be imposed. This letter of offer was given to the Assistant Director of Inspection during the proceedings under Section 132(3) and it was followed by a return showing the said amount as income and for all practical purposes the said return was accepted. We are, therefore, of the opinion that the department has failed to prove that the assessee had concealed the particulars of .....

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n the event of the assessee filing revised returns and agreeing to pay the interest. Apart from this reasoning there is no other reason assigned by the Tribunal while canceling the order passed by the first Appellate Authority. 7. In our opinion, the conclusion reached by the Tribunal is contrary to the law declared by the apex Court in the case of Union of India Vs. Banwari Lal Agarwal, 238 ITR 461. In the said decision, the Apex Court has observed as under; ……….. Learned counsel for the respondent is also unable to draw our attention to any provision of the Income-tax Act, whereby a compromise assessment could have been arrived at between the respondent and the Commissioner of Income-tax. The High Court, in our view, .....

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