ASSISTANT COMMISSIONER OF INCOME TAX Vs. POORAN PRAKASH GUPTA
INCOME TAX APPELLATE TRIBUNAL
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(1.) THESE 9 appeals preferred by the department pertaining to the assessment years 1976-77 to 1984-85 challenge before the Tribunal the cancellation of penalty imposed in different amounts for different years aggregating Rs. 35, 000 (approximately) imposed on the assessee under Section 271 (1)(c) of the Income-tax Act, 1961.
(2.) Facts slightly interesting although undisputed and as are relevant for the disposal of these appeals are these:
The assessee was subjected to search both at its residential and business premises by the Income-tax Department on 3-12-1984, during the course of which pawned articles covering an investment at Rs. 2, 32, 175 were seized.
(3.) A petition under Section 273A(iv) read with Explanation 2 was filed by the assessee before the Commissioner of income-tax on 18-12-1984 in which a claim was made that the articles in question belonged to Puran Prakash Gupta (HUF) of Unnao. In this petition it was, inter alia, claimed that the pawning business was started during early part of 1976 which flourished fast and grew well resulting in the assets of Rs. 2, 22, 000. That the HUF never maintained accounts. It, however, offered the whole of Rs. 2, 22, 000 as its income spread over the assessment years 1976-77 to 1984-85. Apart from this, the petition also stated that the assessee was disclosing wealth similarly as envisaged by Section 188 of the WT Act, 1957.;
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