Law: Income Tax Act, 1961

Section: 256

(a) Income tax---Correct income Failure to return correct income Burden of proof is on revenue to prove charge of concealment. (1970) 77 IT R 276 (Mad.) ; (1975) 100 IT R 524 (Guj.) ; 1978 Tax L R 380 (Mad.) ; (1981) 129 IT R 703 (Delhi) and (1.981) 127 IT R 390 (Pat.) rel. (b) Income tax Correct income Failure to return correct income Nature of burden bf proof cast on assessee. 1974 Tax L R 1012 (Guj.) ; (1977)106 I T R 452 (Pat.) ; 1979 Tax L R NOC 168 (Mad.) and 1980 Tax L R 436 Andh. Pra.) rel. (1981) 129 I T R 703 ; (1981) 127 IT R 390; 121 IT R 326 (Andh. Pra.); 118 I T R 94 (Mad.) ; 110 I T R 602 (Mad.).; (1977) 106 I T R 452 ; (1975) 100 IT R 524 ; 97 IT R 440 (Guj.) ; 83 I T R 369 ; A I R 1970 S C 253 ; 76 I T R 696 ; (1970 ) 77 I T R 276 ; 5 5 I T R 630 ; (1964) 52 IT R 591 (Mad.) ; 41 IT R 425 ; 34 IT R 98 and (1942) 1 All E R 619 ref. JUDGMENT PADMANABRAN, J. The Income tax Appellate Tribunal has referred the following questions for the opinion of this Court under section 256(2) of the Income tax Act, 1961 "(1) Whether, on the facts and in the circumstances of the case, and having regard to the Explanation under section 271(1) (c) of the Income tax Act, 1961, the Appellate Tribunal was right in cancelling the penalty levied for the assessment year 1965 66? (2) Whether, on the facts and in the circumstances of the case, and having regard to the Explanation under section 271 (1) (c) of the Income tax Act, 1961, the Appellate Tribunal was right in cancelling the penalty levied for the assessment year 1966 67? (3) Whether, on the facts and in the circumstances of the case, and having regard to the Explanation to section 271(1) (c) of the Income tax Act, 1961, the Appellate Tribunal was right in cancelling the penalty levied fort the assessment year 1968 69?" The assessment years covered by the three tax cases are 1965 66, 1966 67 and 1968 69. The assessee, Messrs Jayashankar Traders, is a partnership firm carrying on business in machinery, stores, looms, etc. On 1910 1963 an agreement was entered into between Messrs Ranee Mills and one S. R. N/l. S. Narayanan Chettiar. Under the said agreement, certain properties including some machinery and 312 looms…

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