Law:

Section:

Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 1975-76 - Tribunal upheld imposition of penalty under section 271(1)(c) upon assessee on ground that he had not maintained books of account and had not disclosed entire income - It was found that assessee could not offer any plausible explanation before Tribunal - Whether there was no infirmity in order of Tribunal - Held, yes Vikram Gulati for the Applicant. A.N. Mahajan for the Respondent. ORDER 1. The Income-tax Appellate Tribunal, New 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, on the facts and circumstances of the case, the Tribunal was right in law in upholding the levy of penalty to the tune of Rs. 23,000?" 2. We have heard Shri Vikram Gulati, the learned counsel for the assessee and Shri A.N. Mahajan, the learned standing counsel for the Revenue. 3. The present reference relates to the assessment year 1975-76. The applicant is a HUF and carried on the business of money-lending at Badaun. It had not maintained any books…

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