TMI Blog2001 (3) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... conclusion that penalty was imposable on the assessee for the assessment year 1971-72 ?" As the question itself indicates, the dispute relates to the assessment year 1971-72. The factual position, as noted in the statement of case, is as fellows : The assessee, a partnership firm, consisted of four partners with a 25 per cent, share each. Its business was of selling steel pipes and tubes, etc., with its bead office at Delhi and branch at Calcutta. For the assessment year in question the previous year ended on Diwali, 1970. The assessee had filed its return on July 20, 1971, declaring an income of Rs. 4,64,890. The assessment was completed on a total income of Rs. 7,50,682. The assessee preferred an appeal to the Appellate Assistant C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6-57 onwards. Therefore, a minimum penalty of Rs. 61,181 was levied. The matter was carried in appeal before the Tribunal. Four appeals were dealt with by the Tribunal together. Three of them relate to the assessments made for the assessment years 1967-68 to 1969-70 while the fourth one relates to the case at hand. The Tribunal noticed that after it was brought to the assessee's notice that the so-called loans were not genuine, the assessee surrendered, after being cornered. Not only that, the assessee had introduced the amounts in question in its books accepting it to be belonging to the firm or its partners. That being the position, there being no scope for claiming interest on the so-called loans and rightly, therefore, it had been held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee after proceedings for the assessment year 1957-58 were initiated for reassessment. A sum of Rs. 1,82,500 towards fictitious hundi loans was added in the income of the assessee. Investigations for the subsequent years were also going on and assessments already completed had been reopened. The Tribunal in fact noticed that the return for the assessment year in question was filed on july 20, 1971, while surrender had already been made in respect of the assessment years 1959-60 to 1966-67. In view of the aforesaid factual position, the Tribunal concluded that there was concealment of income and/or furnishing of inaccurate particulars of income so far as claim of interest is concerned. As the factual position goes to show, the amounts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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