9911796707
TMI Blog1982 (7) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... year. Assessee is a registered firm consisting of three partners. Assessment was completed by the ITO as per order dt.18th Feb., 1974determining total income at Rs. 65,930 as rounded off, as against declared income of Rs. 43,000. During the assessment, ITO noticed at cash credit entry dt.2nd Oct., 1972in assessee s books in the account of one Gopi Ram and called upon the assessee to prove the genu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the quantum was concerned. 4. While completing the assessment, ITO initiated against the assessee proceedings for penalty for concealment of income to the extent of Rs. 9,000, which was included in assessee s assessment as deemed income from undisclosed sources. Ultimately, a penalty in like sum was levied by the ITO as per order dt.15th March,1976. 5. Assessee came up in second appeal to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant with English language and that in the affidavit dt.22nd December, 1973, the date of loan came to be wrongly put as10th December, 1972. We see ample force in the said version of the assessee in view of 2nd Oct., 1972 being borne by the pronote perused by us from ITO s folder and 2nd Oct., 1972 being the date of cash credit entry in the assessee s books. That being the position, the genuineness ..... X X X X Extracts X X X X X X X X Extracts X X X X
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