TMI Blog1980 (10) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... ion on the following question arising out of its order dated 8th September, 1976 : " Whether, on the facts and in the circumstances of the case, the income concealed was Rs. 2.50 lakhs or Rs. 50,000 (sic) section 271(1)(c) and the Tribunal was justified in law in reducing the quantum of penalty from Rs. 2.50 lakhs to Rs. 50,000 ?" The assessee is an unregistered firm deriving income from the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ealed was Rs. 2,50,000 inasmuch as the assessee had shown a loss of Rs. 2 lakhs whereas its income was computed at Rs. 50,000 and the entire sum was the concealed income of the assessee. When the matter went before the Tribunal, the judicial and the Accountant Members, differed with regard to the quantum of penalty and the matter was referred to the third Member for opinion. The third Member agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... " The crucial words are " the amount of the income ". " Income " has been defined under s. 2(24) of the I.T. Act. It is an inclusive definition and it covers even such items which are not income in the natural sense of the word. The concept of income has been elaborately discussed by various authorities and we find a useful discussion at pp. 90 to 99 of Kanga Palkhivala's Book, 7th Edn., Vol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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