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Assistant Commissioner of Income Vs. Akash Industries

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2000)69TT(JP.)anji228

..... revenue in this appeal is that the deputy commissioner (appeals) erred in cancelling the penalty of rs. 15,000 levied on the assessee under section 271(1)(c) of the income tax act.at the time of hearing, shri n.n. thakur, assistant commissioner appeared on behalf of the revenue and shri srikrishna kelkar, chartered accountant, ..... the amount in the valuation of the closing stock and determined the total income at rs. 97,070. penalty proceedings were initiated under section 271(1)(c) of the income tax act on the ground that by not including the goods in transit in the closing stock valuation, there was suppression of income.in response to ..... should be conscious concealment. the provision should be construed strictly. even after the addition of the explanation to section 271(1)(c) of the income tax act, 1961, conscious concealment is necessary and the presumption under explanation to section 271(1)(c) can be displaced by the assessee proving that the failure to return the correct income did .....