Law: Income Tax Act, 1961

Section: 256,271

Income-tax-- ----Reference---Assessment---Penalty---Concealment of income---Questions regarding year of assessment and levy of penalty are questions of fact--¬Indian Income Tax Act, 1961, Ss. 256 & 271. A sum of Rs. 4,45,000 was recovered from S on May 30, 1988, which he declared to be the money of the assessee. This was accepted by the assessee. He thereafter, filed a return in July, 1988, and declared the amount to be the income for the assessment year 1989-90. "thereafter, he modified the statement and declared this income for the assessment year 1987-88. However, the Income-tax Officer accepted the amount to be the income for 1988-89 and assessed it in the assessment year 1989-90. On an application for reference on the ground that the Tribunal had erred in accepting .the year of assessment and in not levying penalty: Held, dismissing the application, that the question of penalty is a question of fact. The second question regarding the amount of Rs.25,000, as to whether it was the income of a past year, was also a question of fact. JUDGMENT This application for reference under section 256(2) of the Income Tax Act, 1961, has been filed with the contention that the money has been recovered from one Sanjay Kumar on May 30, 1988, to the tune of Rs.4,45,000 which he declared to be the money of the assessee. This was accepted by the assessee. He thereafter filed a return in July 1988, and declared the amount to be the income for the assessment year 1989-90. Thereafter, he modified the statement…

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