JUDGEMENT
Per Shri S. K. Chander,-These appeals by the assessee for various assessment years are directed against different orders of the Appellate Assistant Commissioner confirming penalties under sections 271(1) (c), 271(1) (a) and 273(b) of the Act. They are being disposed of by a consolidated order for the sake of convenience. -
(1.)
(2.)In this case, an action under section 133A of the Act was taken on 16-2- 1978 and certain books of account and documents were impounded under section 131 of the Act on the same day. During the course of survey under section 133A, the value of stock found in the shop at that time was estimated at Rs. 1,20,000. A sum of Rs. 3,325 in cash was also found at the business premises of the assessee.
The scrutiny of the impounded documents and books of account indicated that the assessee had the following assets and investments on the date of survey :-
judgement_4326_tlit0_19890.htm
These figures were apparently arrived at after not only taking into account the books of account and document but after consultation with the assessee.
(3.)ON 27-3-1978, a settlement petition was filed for settling the affairs in the case of Arjan Dass, prop. of M/s. Arjan Dass Ranjit Kumar, Cloth Merchants, Sohana, Tehsil Kharar, Distt. Ropar. In this settlement petition, the preamble requested the Commissioner of Income-tax to consider the settlement petition with, "kind and sympathetic consideration and compassionate adjudication". The petition narrates that the petitioner migrated to India at the time of partition in 1947 from District Sargodha in Pakistan. For the first time, he submitted his return of income for the assessment year 1975-76 and started maintaining books of account in respect of cloth business w.e.f. 1-4-1974. In addition to income from cloth business, the petitioners main source of income, it was claimed, in the past years had been income from agricultural lands. It was submitted in the petition that certain investments made in the past on purchase of agricultural lands came out of income from agricultural lands. This petition projected that the petitioner was not an educated person and, therefore, the books of account regarding his business etc. were maintained by a Munim, since deceased. The returns for the purposes of income-tax were prepared and submitted on the basis which were known only to the Munim.
Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.