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[2008] 304 ITR 75 [2007] 158 TAXMAN 46 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax, Patiala* v. Rattan Singh Grewal ADARSH KUMAR GOEL AND RAJESH BINDAL, JJ. IT REFERENCE NO. 184 OF 1989 JULY 20, 2006 Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 1968-69 - For assessment year 1968-69 assessee did not file his return - When it came to notice of ITO that assessee had made certain investments during assessment year in question, sources of which could not be explained satisfactorily, a notice under section 148 was issued to assessee - In response to said notice, return was filed by assessee showing income as nil and he submitted that there was sufficient fund available with his father from which he made investments in properties - Assessing Officer, however, did not find explanation of assessee satisfactory and, accordingly, he made additions and also imposed penalty under section 271(1)(c) - Whether keeping in view facts that assessee did not file his return at first instance, and even in response to notice under section 148 he filed return declaring 'nil' income, and further when confronted with certain investments, his explanations were found to be false, penalty was rightly levied on assessee - Held, yes FACTS The assessee did not file his return of income for the assessment year 1968-69. When it came to notice of the ITO that the assessee had made certain investments during the assessment year in question, the sources of which could not be explained satisfactorily, a notice under section 148 was issued to the assessee. In response to the said notice, return was filed by the assessee showing nil income wherein he submitted that there was sufficient fund available with his father from which he made investments in properties. But the Assessing Officer did not find explanation of the assessee satisfactory and, accordingly, he made additions and also imposed penalty under section 271(1)(c). On appeal, the Tribunal in quantum proceedings on recording a categorical finding to the effect that the investments made by the assessee not only remained unexplained but even the…

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