TMI Blog1992 (10) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... 1968-69. The Income-tax Appellate Tribunal has referred the following questions : " (i) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee could be allowed to take the plea of technical mistake in accounting regarding the amount of Rs. 30,863 as it could reasonably be presumed by it that since the goods were in transit, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... James Greaves and Co., Manchester (U. K.) for pound 1,482 and another in the name of Bohler Brothers and Co. Ltd. of Vienna for pound 2,494. The amounts of these two bills in Indian currency worked out to Rs. 30,863. Admittedly, these goods were not received by the assessee during the relevant accounting year, but in April, 1968, the Income-tax Officer observed that the assessee had paid Rs. 8,500 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herefore, initiated penalty proceedings in regard to the total amount of Rs. 39,363 and eventually levied penalty under section 271(1)(c) of the Act in the amount of Rs. 50,000. The assessee then appealed to the Income-tax Appellate Tribunal which found that there was a technical mistake in accounting so far as the amount of Rs. 30,863 was concerned. The Tribunal observed : ". . . . as it coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clear that the Incometax Appellate Tribunal held that the assessee was guilty of concealment to the extent of Rs. 8,500 only which was entered in the books of account during the relevant accounting year but not reflected in the closing stock. So far as the amount of Rs. 30,863 representing the value of the goods which remained in transit during the relevant accounting year and which was not reflec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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