COMMISSIONER OF INCOME TAX Vs. VAKHARIA COTTON TRADERS

JUDGEMENT

(1.) THE present reference is made under S. 256(1) of the IT Act. The question referred is as under:

(2.) THE facts leading to the present reference are as under :

(3.) THE ITO initiated penalty proceedings under S. 271(1)(c) of the IT Act, for the concealment of the said income of Rs. 80,000 as per the relevant provisions of S e referred the matter to the IAC. He issued notice and ultimately he found that the assessee has done business in the name of Isab Ahmed Mussa and he imposed penalty of Rs. 50,000 on 1st April, 1986.