Since the income returned by the respondent was less than 80 per cent of the income which was assessed, the In companye tax Officer, taking the view that the respondent had companycealed the particulars of its income, initiated penal proceedings under Section 271 1 c of the Income tax Act, 1961.
As the minimum penalty exceeded Rs.
For the assessment year 1968 49, it returned an income of Rupees 68,841 but was assessed on a total income of Rs.
The two assessment years are the subject matter, respectively, of these two appeals.
2,80,457.
After companysidering the facts numbered by the I.T.O. in his assessment orders and after hearing the respondent, the Inspecting Assistant Commissioner passed an order on.