total income assessed as per the general provisions been reduced by the amount of income in respect of which particulars have been concealed or inaccurate ... particulars of his income or furnished inaccurate particulars of such income.] [Explanation 6. - Where any adjustment is made in the income or loss declared
which tax was payable at rates
applicable to the block of concealed income disclosed and
not at a flat rate as under the sixty-forty ... Income-
tax Act, 1961 be deemed to be his concealed income liable to
tax. Even if it is assumed that in some rare and exceptional
above 3,09,78,478
Income from Other Sources :
Interest income as per Statement 30,31,364
---------------
TOTAL INCOME 3,40,59,506
Rounded ... income or
furnishing inaccurate particulars of such income nor there
is deemed income to represent the income in respect of
which particulars have been concealed
concealing particulars of the income; and/or (b) furnishing
inaccurate particulars of such income. Therefore, whether
income returned was a profit or loss was really ... respect of which
particulars have been concealed. In a case,
however, where on setting off the concealed
income against any loss incurred
Lacs
in fixed deposit in the name of B represented the
concealed income of respondent firm on following
circumstances :
(a) Explanation furnished by B with ... fixed
deposit in the name of Biswanath Gupta (Bhuwalka) was the
concealed income of the, respondent firm for the previous
year corresponding to the assessment
evaders to disclose suppressed income by paying 60% of the concealed income as tax and bringing the balance of 40% into their books. This scheme ... undisclosed income liable to be included in the taxable income of the assessee. Vide Sections 69 , 69A and 69B of the Income
appellants filed the returns of income
disclosing the assessed income as the income. The cost of construction was shown as
under:-
Assessment Year ... same, the
assessee filed the returns of income disclosing the income assessed as the income.
After filing the returns in accordance with these books
amended s. 34(1)(a) takes
380
in all the escaped concealed incomes during all the years
commencing from 1941 and confers power ... hereinafter called the Act, in respect
of a concealed income to which s. 34(1A) thereof applied.
The facts may be briefly stated. Messrs. Shahzada
proceeding for penalty imposed for concealment of
income. And this is so notwithstanding that the income
concealed is the income assessed ... proceeding for penalty imposed for concealment of
income And this is so notwithstanding that the income
concealed is the income assessed
Finance Act, 1964 )--Deemed concealment of
income--Total income returned less than 80 per cent of the
total income assessed--Rebuttable presumption raised against ... concealment of income and
referred the case to IAC. The IAC imposed a penalty equal to
the income concealed holding that the assessee
