TMI Blog2002 (1) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... year 1970-71. It declared a loss of Rs.9,190. The Assessing Officer made certain additions and found that the assessee was liable to pay tax on a total income of Rs.1,34,470. On appeal, an addition of Rs.85,000 to the trading account and another addition of Rs.7,800 on account of disallowance of expenses were sustained. The Assessing Officer initiated proceedings for imposition of penalty under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view that mens rea need not be established in the proceedings drawn under section 271(1)(c)? (2) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that no penalty under section 271(1)(c) is leviable in this case?" Mr. R. P. Sawhney, learned counsel for the Revenue, has very fairly stated that in view of the material on record, the first questi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e an additional profit. The case of the assessee was that the margin of profit had not gone up. In fact, it claimed having sold liquor at a lower rate. Ultimately, the addition was made on the basis of an estimate and not on any concrete evidence of concealment of any transaction or furnishing of inaccurate particulars. The Tribunal has noticed the factual position. It also noticed the import o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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