Answering the reference against the assessee the Court held that ; the assessee, as a matter of record, had only disclosed part of the income derived from the sale of the picture to Prakash Pictures and the balance was not declared, but came to be returned in the subsequent assessment years was admitted. The argument that the nature of the transaction was not known had been rejected by two concurrent findings which were not perverse. The Tribunal found that the entire receipts were not included for that would have resulted in the assessee paying tax. The attempt was to avoid the liability. The levy of penalty was justified.( AY. 1977-78)