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TMI Blog1980 (2) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... case, he held that there had been a concealment to the tune of Rs. 20,000. A penalty of Rs. 25,000 was accordingly imposed. A relief of Rs. 15,000 has been given by the AAC on appeal and the penalty now left is Rs. 10,000 for which the assessee has come in second appeal before us. 2. We have heard the representatives of the parties in this appeal. The amount of Rs. 10,000 which is now in dispute is the unexplained investment of the assessee in a fixed deposit in a Bank. The ITO noticed from the information received from Punjab National Bank, Bairagarh, that a sum of Rs. 10,000 had been deposited in the name of the assessee on 30th Dec., 1971. When the assessee was requested to prove the source of this deposit, he filed an affidavit of his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me the total amount disclosed was Rs. 21,000 which was said to represent her income for the Asst. yrs. 1969-70 to 1972-73. Out of the above amount the ITO found that Rs. 8,000 was invested in purchase of a house and Rs. 9,600 towards the purchase of a FDR in her name in Dec., 1972. Thus the lady was not in a position to effect any savings out of which she could make a deposit of Rs. 10,000 in the name of her husband in Dec., 1971. Moreover, if the lady was possessed of this money, she should have indicated the same in her voluntary disclosure application. We are, therefore, of the opinion that the AAC accepted the assessee's contention regarding the past savings of his wife to the extent of Rs. 4,000 without any basis. Accordingly, we set-a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... till possible that this money may have actually belonged to the lady because by 30th Dec., 1971 she had about Rs. 20,000 with her out of which she had invested only Rs. 8,000 for the house and the balance could be utilised for the purpose of this draft. It is correct that thereafter it would be difficult for her to purchase another draft in her own name on 29th Dec., 1972 but she had been assessed at an income of Rs. 5,450 for the Asst. yr. 1973-74 and, therefore, it is quite possible that she may have got another sum of Rs. 5,000 by 29th Dec., 1972. Then the total amount available with her upto that date would come to about Rs. 25,000 and odd. Her total investment according to the assessee would be Rs. 8,000 for the house, Rs. 10,000 in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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