Law:

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Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 1975-76 - ITO determined taxable income of assessee making an addition to gross profit returned in respect of business carried on by him and penalty under section 271(1)(c) was imposed on assessee - Whether since returned income of assessee was less than 80 per cent of assessed income as finally determined by Tribunal and assessee did not submit any reply to show-cause notice, Explanation to section 271(1)(c) was applicable - Held, yes - Whether, therefore, inference that assessee had concealed particulars of income had been rightly drawn and Tribunal had not committed any illegality in upholding imposition of penalty - Held, yes Rakesh Kumar for the Applicant. A.N. Mahajan for the Revenue. JUDGMENT R.K. Agrawal, J. - The Income-tax Appellate Tribunal, Delhi, has referred the following question of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this Court: "Whether the Tribunal was correct in upholding levy of penalty of Rs. 6,000 under section 271(1)(c) of the Income-tax Act, 1961 in relation to the assessment year 1975-76?" 2. Briefly stated, the facts giving rise to the present reference are as follows:- The reference relates to imposition of penalty under section 271(1)( c) of the Act for the assessment year 1975-76. For the assessment year in question, the applicant has returned income of Rs. 13,049 in the status of individual. The Income-tax Officer, vide order dated 13-3-1978, determined the taxable income at Rs. 25,060 which included an addition of Rs. 12,000 to the gross profit returned in respect of the business carried on under the name and style of M/s. Jindal Textiles. The aforesaid addition has been reduced to…

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