Law: Income Tax Act, 1961

Section: 271(1)(c)

JUDGMENT R.K. Agrawal, J. - In respect of the assessment years 1973-74 to 1976-77, the Income-tax Appellate Tribunal, Allahabad, has referred the following questions of law under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), for the opinion of this Court: Assessment year 1973-74: "1. Whether there was any material before the Tribunal to hold that the assessee was guilty of concealment and of furnishing inaccurate particulars of income ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in sustaining the penalty under section 271(1)(c) of the Income-tax Act in relation to the income of Rs. 6,500 from cold drinks business in the name of Smt. Vijai Laxmi Chaurasia ?" Assessment years 1974-75 to 1976-77: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in sustaining the penalty on the basis of the findings arrived by it in the quantum appeal ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in sustaining the penalty under section 271(1)(c) of the Income-tax Act, 1961, in relation to the income of Rs. 10,500 from cold drinks business in the name of Smt. Vijai Laxmi Chaurasia ?" 2. Briefly stated, the facts giving rise to the present reference are as follows: 3. The assessee's father the late Shri Sripal Chaurasia during his life time was running a betel shop and had also been selling cigarettes and cold drinks. Since the accounting period corresponding to the assessment year 1970-71 up to the assessment year 1972-73, the applicant was assessed at Rs. 5,000 for 1970-71, Rs. 6,000 for 1971-72 and Rs. 7,500 for 1972-73. No books of account were maintained by the assessee. In February, 1972, he was married to one Smt. Vijay Laxmi. He filed his returns of income for the assessment years 1971-72 to 1974-75 simultaneously declaring the income of Rs. 6,200 for the assessment year 1972-73, Rs. 6,282 for the assessment year 1973-74 and Rs. 6,446 for the assessment year 1974-75. Original assessment in respect of the assessment years in question were completed on 6-2-1975, at Rs. 7,500 for the assessment year…

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