COMMISSIONER OF INCOME-TAX, ASSAM vs TEZPUR AUTOMOBILE , . — 1976 PTD 150

Citation: 1976 PTD 150

Court: Assam High Court

Year: 1969

Decision Date: 1969-03-05

Parties: COMMISSIONER OF INCOME-TAX, ASSAM vs TEZPUR AUTOMOBILE , .

Headnotes

Case cited as 1976 PTD 150

Judgment Text

Court Name: Assam High Court Judge(s): S. K. Dutta, K. C. Sen Title: COMMISSIONER OF INCOME-TAX, ASSAM vs TEZPUR AUTOMOBILE , . Case No.: Income-tax Reference No, 1 of 1968 Date of Judgment:1969-03-05 Reported As: 1976 PTD 150 Result: Order accordingly JUDGMENT JUDGMENT ' SEN, J.-In this reference under section 256(1) of the Incometax Act, 1961, hereinafter called the Act, the following question has been posed for our answer "Whether, on the facts and circumstances of the case, the Tribunal was right in holding that no penalty under section 271(1) of the Income-tax Act, 1961, can be levied in respect of any assessment for the assessm ent year 1961-62 or earlier year which is completed on or after 1st April 1962, in spite of the provisions of section 297(2)(g) of the Income-tax Act, 1961 ?" ' It appears from the statement of the case that a penalty of Rs, 10,600 had been imposed by the Inspecting Assistant Commissioner of Income-tax under section 271(1)(c) read with section 274(2) of the Income-tax Act, 1961, for alleged concealment of income of Rs, 4,500 only. This penalty proceeding was started in connection with the assessment for the year 1961-62. For this year the assessee tiled on January 29, 1962, a return of its total income under section 22 of the Income-tax Act, 1922 (hereinafter called "the old Act"), admitting Rs, 17,289. But, after scrutiny of the accounts, the Income-tax Officer added back Rs, 35,532 out of the expenses account and he also made an estimated…

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