TMI Blog1998 (10) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... failed to appreciate that the assessee-company had furnished inaccurate particulars of income in its return and also in deleting the penalty under section 271(1)(c) imposed by the Assessing Officer ?" The assessment year in question is 1986-87. The assessee filed a return declaring an income of Rs. 15,700. During the course of survey it was found that the assessee had additional income. On December 9, 1987, the assessee filed a revised return surrendering an income of Rs. 5,50,000 over and above what was declared earlier. On December 29, 1987, the assessee made yet another communication to the Assessing Officer stating it to be in continuation of his earlier revised voluntary return of income surrendering yet another amount of Rs. 8,99,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record were not kept in view by the Tribunal and, therefore, the findings arrived at by it are perverse and not binding on this court and hence a referable question of law does arise from the order of the Tribunal. Reliance has been placed on Mahavir Metal Works v. CIT [1973] 92 ITR 513, a Division Bench judgment of the Punjab and Haryana High Court. Learned senior counsel for the assessee has submitted that the satisfaction as to the assessee having concealed the particulars of his income or furnished inaccurate particulars of such income is to be arrived at by the Assessing Officer during the course of any proceedings under the Act, which would mean the assessment proceedings, without which, the very jurisdiction to initiate the penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of penalty proceedings. The Supreme Court judgment in D. M. Manasvi's case [1972] 86 ITR 557 was relied on by the Tribunal while setting aside the penalty. Learned counsel also carried the court through the order of assessment dated February 17, 1988, to demonstrate that the requisite satisfaction is not to be found arrived at in the order of the assessment. Learned senior standing counsel for the Revenue, on the other hand, submitted that all the facts available on record and as pointed out by him coupled with the fact that by the assessment order itself the assessing authority has chosen to initiate proceedings under section 271(1)(c) of the Act leads to an inference that the requisite satisfaction was arrived at by the assessing a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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