Law:

Section:

Section 271(1)(c), read with section 147 of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment years 1953-54 to 1965-66 - In course of assessment proceedings for 1962-63, ITO noticed certain non-genuine credits - Assessee-firm filed petition before Commissioner under section 271(4A) disclosing income voluntarily and prayed that peak credit be spread over six years and penalty, if otherwise exigible, be waived - Reassessment proceedings were initiated for years 1953-54 to 1961-1962 - On appeals for assessment years 1962-63 and 1963-64, AAC directed ITO to make fresh assessment in confirmity with any order Commissioner might pass on disclosure petition - In its further petition before Commissioner, assessee filed revised returns for assessment years 1953-54 to 1965-66 and offered to pay tax - ITO while making assessments following voluntary disclosure, also initiated penalty proceedings under section 271(1)(c) and imposed penalty for all years - Whether where very reason for reassessment proceedings especially under section 147(a) was that income had escaped assessment by reason of failure or omission on assessee's part to fully and truly disclose all material facts necessary for its assessment, assessee could not be said to be not guilty of concealment of income merely because in reassessment proceedings it unconcealed what it had concealed in original assessment - Held, yes - Whether, therefore, assessee was properly charged with penalty in reassessments for 1953-54 to 1961-62 notwithstanding fact that it was assessee's own voluntary disclosure which brought about reassessments and despite circumstance that not a pie more was added than what was disclosed in reassessment proceedings - Held, yes - Whether for assessment years 1962-63 and 1963-64, assessee could not be absolved from having concealed its income in course of original assessment proceedings merely because original assessments were set aside on appeal by AAC and, thus, penalties for said two years were also valid - Held, yes - Whether since for assessment years 1964-65 and 1965-66, even before ITO started any investigation and detected any concealment of income, asseseeee…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492