ANAND LIQUORS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following three questions expect our answer :

(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee has not offered any explanation and has not disclosed all the materials relating to the computation of his total income before the Income-tax Officer to make the case fall under the Explanation to proviso of Section 271(1)(c) ?

(3.) NATURALLY, the plain statutory language of these two clauses gets referable to two separate and independent situations. The first Clause (A) contemplates failure to offer an explanation or offer of an explanation which is found to be false. At the other end, the second situation covered by Clause (B) relates to a position that the assessee is not able to substantiate the explanation offered by him. Thus, it is quite clear that the two situations are independent and separate.