JYOTI LAXMAN KONKAR Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is an appeal filed by the assessee under Sec.2 260 (A) (1) of the Income Tax Act, 1961 (Act, for short ).

(2.) Heard Mr. S. V. Pikale, the learned Counsel on behalf of the appellant/assessee and Mr. S. R. Rivonkar, the learned Government Advocate on behalf of the respondent/revenue.

(3.) The assessee had filed a return on 25111999 for the Assessment Year 19992000 declaring an income of Rs.7,40,510/. Not satisfied therewith, the Assessing Officer carried out a survey under Sec.133a of the Act and during the survey found that there was a discrepancy in stock to the tune of Rs.18,28,706/ which was brought to the notice of the assessee, and, the assessee filed a revised return disclosing additional income of Rs.18,28,706/ and the Assessing Officer found that the said income was suppressed by the assessee but the said revised return was finalized but at the same time a notice under Sec.271 (1) (c) of the Act to impose penalty was issued to the assessee and which was disposed of by Order dated 2552001 and a penalty of Rs.2,75,000/ was imposed upon the assessee. In the said Order, the Assessing Officer observed that the assessee had come forward with the revised return out of compulsion since suppression of income was detected in survey carried out under Sec.133a and, therefore, the act of filing a revised return was not voluntary. He also found that the assessee had deliberately attempted to conceal the income.