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P.SHANMUGAM, M.M.PAREED PILLAY, P.A.MOHAMMAD
Syed Mohammed – Appellant
Versus
Commissioner of Income-tax – Respondent
Key Points: - The Tribunal and courts discuss whether penalty under S.271(1)(c) is exigible for concealment of income in the 1973-74 assessment. (!) (!) - The Jurisdiction of the Inspecting Assistant Commissioner to levy penalty under S.274(2) after amendments (and whether valid references were made) is analyzed, including the effect of the 1975 amendment and retrospective application. (!) (!) (!) (!) (!) (!) (!) - The proper computation of concealment quantum, including whether deductions under S.80T are allowed after set-off of capital losses from earlier years, is addressed. (!) (!) (!) (!)
Mohammed, J.
These Income-tax References arise from a common order passed by the Incometax Appellate Tribunal, Cochin Bench, dated 30th May, 1983, in R.A.No. 314 (Coch) 80 at the instance of the assessee and R.A.No. 324 (Coch) 80 at the instance of the Revenue. Both the applications are from the order in I.T.A. No. 150 (Coch) 78-79 relating to the assessment year 1973-74.
2. The questions referred to this court at the instance of the assessee are as follows:
(1) Whether on the facts and circumstances of the case the Tribunal is right in holding that penalty is exigible u/s.271(1)(c) of the Incometax Act for the assessment year 1973-74?
(2) Whether there was a valid reference by the I.T.O. u/s.274(2) to the Inspecting Asstt. Commissioner? The questions referred to at the instance of the Revenue are as follows:
(1) Whether, on the facts and in the circumstances of the case, and also on an interpretation of S.271(1)(c) of the I.T. Act, the Tribunal is right in law and fact in holding that "he had concealed the particulars in respect of only that income which he should have disclosed in the return, namely, the capital gains arising from the transaction computed in accordance wit
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