COMMISSIONER OF INCOME TAX Vs. T ABDUL MAJEED

JUDGEMENT

(1.) DEALING with the penalty proceedings relating to the assessment for the year 1977-78 we are expected to answer the following question in the present proceedings :

(2.) FOR the assessment year in question in pursuance of notice under Section 145(2) of the Income-tax Act, 1961, the assessee who was running a textile business under the name and style of "Textile Centre", filed a return declaring an income of Rs. 85,200.

(3.) AS per the picture found from the inventories that came to be seized in the search, the following particulars seem to have been noted :