COMMISSIONER OF INCOME TAX Vs. DASS JEWELLERS

JUDGEMENT

(1.) AT the instance of the revenue, the Tribunal, Delhi Bench 'C', has sent the statement of the case to this court for its opinion in terms of section 256(2) of the Income Tax Act, 1961, on the following question :

(2.) THE facts of the matter, as noticed by the learned Tribunal, are as follows : The assessed was a registered firm carrying on the business of jewellery. The firm consisted of two partners, namely, Smt. Nand Rani Khanna and her son, Shri Ramesh Chand Khanna. The penalty for a sum of Rs. 18,419 was levied upon the assessed by the Inspecting Assistant Commissioner. Two additions of Rs. 18,419 for unaccounted stock of precious stones and of Rs. 19,000 for the discrepancy in the closing stock under section 271(1)(c) of the Act as per its books of account, which were seized in the course of a raid, were made.

(3.) SECTION 69A of the said Act is in the following terms :