Law:

Section:

Section 271(1)(c) , read with section 139(5) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 1968-69 - Whether mere filing of revised return does not rule out applicability of section 271 - Held, yes - Whether if disclosure in revised return is to cover up or was in knowledge of assessee or made in bad faith then it does not come within ambit of section 139(5) nor can assessee claim any benefit on it - Held, yes - Whether where assessee filed revised return disclosing income which was not disclosed in original return and in penalty proceeding pleaded mistake, Tribunal's finding that it was not a case of discovery of mistake after filing of original return but it was case of deliberate omission of fact which was in knowledge of assessee which assessee attempted to conceal with view to evade tax till end and came out with disclosure only when it became sure that its game was up, was justified and penalty was rightly levied under section 271(1)(c) - Held, yes Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 1968-69 - Whether where non-disclosure of income by assessee was due to not being careful, action of assessee could not be considered as fraud or wilful conduct and, therefore, penalty could not be levied on him in such case under section 271(1)(c) - Held, yes Words and phrases: Word "total income" referred to in Explanation to section 271(1)(c) of the Income-tax Act, 1961. FACTS The assessee received amount of Rs. 61,460 from a company as incentive profit for sale of import licence. As this amount was not disclosed in the return filed by the assessee under section 139(1), the ITO made inquiry from the said company and thereafter issued a written requisition asking the assessee to explain the transaction of incentive profit, which was returned with an endorsement 'refused'. Immediately thereafter, the assessee filed a revised return including the amount in question. After assessment, when penalty proceedings started, the assessee pleaded mistake and lack of knowledge of Hindi and Mahajani. The circumstances were, however, so glaring that the ITO did not see any merit in the…

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