CHATURBHUJ AND CO Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE judgment of the court was delivered by

(2.) THE fact are very simple. During the assessment proceedings under the Income-tax Act and the Excess Profits Tax Act, the assessing authorities found that the assessee had undisclosed income of Rs. 30,400 out of its business. This income had been concealed from the returns filed under the two Acts. THE assessing authorities included this amount in the assessable incomes under the two Acts. THEn the assessing authorities imposed a penalty of Rs. 2,500 under section 28(1)(c) of the Income-tax Act and subsequently, another penalty of Rs. 2,500 under section 16 of the Excess Profits Tax Act. THE assessee appealed against the penalty orders and the Tribunals maintained both the penalty orderi THEn at his instance it has stated the case to this court.