| Case ID |
1735d724-dfb5-4bc8-ac4f-6252de95f55a |
| Body |
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| Case Number |
Income-tax Appeal Nos: 459 & 460 of 1956-57 |
| Decision Date |
Jul 09, 1959 |
| Hearing Date |
|
| Decision |
The assessment appeal was dismissed due to late filing, while the penalty appeal was allowed. The Appellate Assistant Commissioner found that the assessee had failed to substantiate claims for speculation losses and that the evidence produced was fabricated. However, the tribunal ruled that the imposition of a penalty under section 28(1)(c) was not justified as there was no evidence of deliberate concealment of income. The ruling emphasized that the mere production of false evidence does not necessarily attract the penal provisions if no actual concealment of income was established. |
| Summary |
In the Income-tax Appeal Nos: 459 & 460 of 1956-57, the Income Tax Appellate Tribunal, Lahore addressed critical issues under the Income Tax Act, 1922. The assessee's appeal against the Income Tax Officer's assessment was dismissed due to a late filing, with the date of service incorrectly noted. The penalty appeal, however, was allowed. The tribunal highlighted that while the assessee failed to substantiate claims regarding speculation losses, the penalty imposed for alleged concealment was not warranted, as no direct evidence of income concealment was found. This case underscores the importance of accurate documentation and the need for contemporaneous records in tax assessments. It also clarifies the distinction between mere failure to provide evidence and actual concealment of income, a key factor in determining penalty applicability under tax law. |
| Court |
Income Tax Appellate Tribunal, Lahore
|
| Entities Involved |
Not available
|
| Judges |
SYED ALI KHAN, PRESIDENT,
S.A. HASAN, MEMBER
|
| Lawyers |
M.E. Naeem
|
| Petitioners |
Assessee
|
| Respondents |
Department M.E. Naeem, Income Tax Practitioner,
Shafqat Ali, Departmental Representative
|
| Citations |
1959 SLD 428,
(1959) 1 TAX 85,
1959 PTD 123
|
| Other Citations |
Not available
|
| Laws Involved |
Income Tax Act, 1922
|
| Sections |
28(1)(c),
28(3)
|