TMI Blog2006 (3) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... 997-98, it appears to have claimed exemption from payment of income-tax under section 10(1) of the Income-tax, 1961 on the ground that the income derived by it was from "agricultural activities". The Assessing Officer rejected that claim and brought to tax the amount of income disclosed by the assessee. Simultaneously, proceedings under section 271(1)(c) were also initiated which culminated in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Roy [1957] 32 ITR 466, the activity carried out by the assessee was not an agricultural activity. On the basis of this law of the land laid down by the Supreme Court, the assessee has been insinuated with the offence of concealment. Curiously though, the assessee has itself relied on Raja Benoy Kumar Sahas Roy [1957] 32 ITR 466. It has been contended that the Supreme Court has, in very many deta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all through been laying bare all the facts pertaining to earn its income before the Tribunal, that even as much as scintilla of either suggestio falsi or suppressio vari. The assessee can, in no manner, be said not entitled to entertain a bona fide belief, which has been repeatedly accepted by the Department over the years." In the light of the above findings clearly holding that there was no d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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