TMI Blog1987 (9) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... n question, he showed cash credits of Rs. 80,374 with interest. His claim of credit from others in this regard was not accepted by the Appellate Assistant Commissioner and the Income-tax Appellate Tribunal in the quantum appeals. The sum assessed was Rs. 5,53,340 as against a returned income of Rs. 2,70,451. There being a difference between the returned income and the assessed income of more than twenty per cent., a proceeding for levy of penalty under section 271(1)(c) read with section 274(2) of the Act was initiated. Since the penalty to be levied was likely to exceed Rs. 1,000, the Income-tax Officer referred the matter to the Inspecting Assistant Commissioner who levied a penalty of Rs. 85,000. The assessee, being aggrieved by the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Agarwal, learned counsel for the assessee, placed reliance on some of the decisions in which the additions were directed by the High Court in a reference under section 256 of the Act to be struck down. But, in all those cases, the identity of the creditors was fully established since their G. I. R. Nos. had been given and they were all assessees under the Act whose books of account could very well be used for the purpose of verification. That, however, is not the position in the instant case. This court is not in position, from the materials on record, to say with any amount of exactitude as to whether those persons are genuine or not. On the fact, and in the circumstances of the instant case, therefore, the Tribunal should direct the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdance with law. In regard to the onus of establishing concealment, we would only like to observe that the law laid down in a Full Bench decision of this court in CIT v. Nathulal Agarwala and Sons [1985] 153 ITR 292 has been approved by the Supreme Court in CIT v. Mussadilal Ram Bharose [1987] 165 ITR 14. In the special facts, therefore, this matter has to go back to the Tribunal to take action after the disposal of the quantum assessment. We, therefore, refuse to answer the question referred to us. There shall be no order as to costs. We hope the Tribunal will dispose of the matter expeditiously. Let a copy of this judgment be transmitted to the Assistant Registrar, Income-tax Appellate Tribunal, in terms of section 260 of the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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