RAWATMAL HARAKCHAND Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This reference relates to reassessment of Rawatmal Harakchand, the assessee, in respect of its income for the assessment year 1957-58.

(2.) After issuing a notice under Section 147 of the I.T. Act, 1961, the ITO brought to tax two sums, respectively, of Rs. 51,711 and Rs. 1,86,061, on the ground that the same escaped assessment in the said assessment year as the asses-see failed to disclose necessary material particulars. 2. Pursuant to the reassessment there were penalty proceedings and a penalty of Rs. 2,00,000 was imposed by the IAC under Section 271(1)(c) read with Section 274(2) of the I.T. Act, 1961.

(3.) In the appeal preferred by the assessee against the reassessment, the AAC upheld the addition of Rs. 1,86,061 but gave a relief of Rs. 6,000 in respect of the addition of Rs. 51,231.