BHAWANDAS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application under s. 156(2) of the IT Act, 1961 (`the Act').

(2.) THE material facts giving rise to this application briefly are as follows : THE assessee, at the relevant time, was carrying on business of `Dalali' in oil and oilseeds. For the asst. yr. 1968-69, the assessee filed a return on 28th June, 1968 declaring an income of Rs. 11,840. THE assessee subsequently filed a revised return disclosing income at Rs. 18,322. THE ITO passed an assessment order under s. 143(3) of the Act and determined the total income of the assessee at Rs. 50,144. THE ITO also commenced penalty proceedings under s. 271(1)(c) of the Act and referred the matter to the IAC under s. 274(2) of the Act. THE IAC, after taking into consideration the explanation of the assessee, held that the assessee had deliberately concealed his income and a penalty of Rs. 50,000 was, accordingly, imposed on the assessee. On appeal, the Tribunal held that concealment of income to the extent of Rs. 16,850 only was proved beyond reasonable doubt and the Tribunal, therefore, partly allowed the appeal. Aggrieved by the order of the Tribunal, the assessee as well as the Department sought reference but those applications were rejected. Hence, the assessee had filed the present application.