COMMISSIONER OF INCOME TAX Vs. JAI NARAYAN JAISWAL

JUDGEMENT

(1.) THIS is an application submitted by the petitioner, the Commissioner, for a direction to the Tribunal to make a reference to this court for answering questions:

(2.) FACTS necessary for the disposal of this application are that non-applicant assessee carried on business in liquor contracts. For the assessment year 1972-73 for which the account period ended on March 31, 1972, the non-applicant filed a return in the status of individual showing income of Rs. 14,247. It is further alleged that the non-applicant did not maintain any books of account of the business. He had based his income on the copy of the register obtained from District Excise Authorities. The non-applicant had taken licence for six liquor shops during the accounting year for a sum of Rs. 3,64,895.

(3.) THE ITO was satisfied that the non-applicant had concealed his income and referred the case to the IAC for purposes of penalty. THE IAC, after considering the whole material before him, gave a finding that the non-applicant had concealed the particulars of his income and had furnished inaccurate particulars in respect of a sum of Rs. 50,000. He, therefore, imposed a penalty of Rs. 50,000 on the non-applicant by his order dated April 3, 1978.