Law:

Section:

Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 1966-67 - Whether quantum of penalty must depend upon law in force when penalty is incurred - Held, yes - Assessee did not disclose income from truck business in original return filed in 1966 - He filed revised return in 1969 showing a part of income of truck business - Some more income from that business was found to have been concealed - Assessee offered no explanation for concealment - ITO, thus, included concealed income in assessee's total income and IAC imposed penalty under section 271(1)(c) - Tribunal determined quantum of penalty under clause (iii) of section 271(1)(c) as amended by Finance Act, 1968 - Whether assessee incurred penalty on date when it filed return and quantum of penalty to which it became liable ought to be determined in accordance with section 271(1)(c)(iii) as it then stood - Held, yes Section 139(5) of the Income-tax Act, 1961 - Return of income - Revised return - Assessment year 1966-67 - Whether when assessee intentionally suppresses his income, i.e., conceals it in return, there is no scope for filing any revised return, for, in such a case, omission or wrong statement in return is known to assessee from very beginning and is not later discovered by him - Held, yes FACTS The assessee firm was deriving income from agency business in cement and truck business. In the return filed on 4-7-1966 for the relevant assessment year, the assessee did not disclose any income from truck business. Subsequently, he filed a revised return on 20-2-1969 in which income of Rs. 2840 from the truck business was shown. On examination of the assessee's account books, the ITO added three items totaling Rs. 29,039 as income from truck business in place of Rs. 2,840 returned by the assessee in the revised return. Penalty proceedings under section 271(1)(c) were also started against the assessee by the IAC and a penalty was imposed on ground that the assessee had concealed particulars of his income and had furnished inaccurate particulars. In appeal, the Tribunal agreed with the findings of the IAC. The Tribunal also examined the question as to whether the…

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