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TMI Blog1979 (1) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961. 2. In the original returns of income filed by the assessee for those two years, he had declared, on estimate, taxable interest at Rs. 500 and Rs. 600 respectively. On enquiry, the ITO found that the interest actually credited to the assessee by his bank was Rs. 2,054 for the asst. yr. 1972-73 and Rs. 4,252 for the asst. yr. 1973-74. Accordingly, he made the additions of Rs. 1,254 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rifying from the bank pass book as the same was not readily available. He urged that the inadvertent mistake like this was no equivalent to gross negligence. The AAC, however, rejected these contentions. He held that the assessee should have exercised care and caution to find the correct figure from his bank pass book and declared the correct interest income. Since this was not done, it would have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest credited in the assessee's account with the Bank. The assessee's clear declaration in the returns that the amount was being declared on estimate would raise probabilities and create doubts the benefit of which can be given to him on the ratio of the decision of the Delhi High Court in CIT, Delhi vs. Narang Co(1). In the asst. yr. 1973-74, there was a very small amount of annuity which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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