CHUHADMAL TAKANMAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference made by the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") at the instance of the assessee under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act "), for answering the following questions:

(2.) THIS reference arises out of assessment of income for the assessee for the year 1974-75.

(3.) THE Department found that the assessee was the owner of the wrist watches and he failed to disclose the value of the watches, i.e., the income thereof in the return. Further, it was found that the Department has discharged the burden of proof by establishing the concealment of income by the assessee for the assessment year 1974-75 and as such a penalty of Rs. 90,000 was imposed. THE assessee went in appeal unsuccessfully up to the Tribunal and thereafter the present reference at his instance.