TMI Blog1977 (1) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment year 1966-67 on September 30, 1966, showing a total income of Rs. 92,591. The relevant balance-sheet and profit and loss account was subsequently filed on January 18, 1967. A revised return was filed on August 30, 1967, showing a total income of Rs. 56,899. In the revised return the assessee included an amount of Rs. 10,360 being interest which was omitted from the original return and a further claim for deduction on account of bonus for 1962, 1963, 1964 and 1965 to the extent of Rs. 1,07,519 was made in the revised return. No such claim was, however, made in the original return. The Income-tax Officer found that the net profit shown by the assessee as per profit and loss account was Rs. 1,94,975. He made additions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee preferred an appeal before the Appellate Assistant Commissioner who reduced the total income by a sum of Rs. 1,431. The assessee then preferred an appeal before the Tribunal against the order of the Appellate Assistant Commissioner and the Tribunal in the quantum appeal allowed the total claim for bonus, the entire claim being Rs. 1,44,098. Thus, out of the total claim of Rs. 1,69,658 for bonus, only the claim of Rs. 25,560 relating to bonus for 1962 was disallowed.. From the Tribunal's order in the quantum appeal it appears that in the relevant assessment year, i.e., 1966-67, there was loss of the assessee. That being so, the Explanation to section 271(1)(c) of the Act is not at all attracted and the Tribunal has rightly observed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich was the interest on the fixed deposit for the relevant assessment year. So far as the claim of bonus for 1962, the contention on behalf of the department is that this deduction was claimed in 1965-66 and it was allowed. But again the same amount of Rs. 25,560 has been claimed as deduction by way of bonus for 1962 in the assessment year 1966-67 and according to the submission made on behalf of the department, this was a mala fide act on the part of the assessee which brings the case within the four corners of the provision of clause (c) of sub-section (1) of section 271 of the Act. The Tribunal after considering the materials and all aspects of this question has observed in its order as follows : "The assessment order of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laim of bonus of Rs. 25,560 for 1962 in the assessment year under consideration was made under some misapprehension and mistaken notion of the correct position of law. Therefore, no penalty can be sustained on account of the claim of bonus in the instant case. Regarding the interest of Rs. 10,360 it is found that the original return for the assessment year 1966-67 was filed on September 30, 1966. In this return, the sum of Rs. 10,360, which was interest on some fixed deposit, was not shown. Same thing happened in the return for the assessment year 1965-66 and this amount was, however, assessed in that year. Thereafter, the assessee filed a revised return on August 30, 1967. The assessment was completed on October 31, 1967. It is thus foun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ials to hold that the assessee had deliberately or consciously concealed this income." The above finding is a finding of fact arrived at by the Tribunal and, therefore, in the reference this has to be accepted. That being the position, we find that no penalty is leviable with respect to this sum of Rs. 10,360 also. The view taken by us in this connection is also supported by this court's decision in Income-tax Reference No. 9 of 1972 [Additional Commissioner of income-tax v. Dasuram Mirzamal [1978] 112 ITR 713 (Gau)], decided on July 7, 1975 ; Income-tax Reference No. 22 of 1975 [Padma Ram Bharali v. Commissionner of Income-tax [1977] 110 ITR 54 (Gau)], decided on September 17, 1976 Income-tax Reference No. 8 of 1972 [F. C. Agarwal v. C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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