9911796707
TMI Blog1978 (12) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... date was 22nd Jan., 1969 for 1969-70, 17th Jan., 1970 for 1970-71 and 30th Jan., 1971 for 1971-72. The original assessments for all these three years were completed earlier. Later the WTO came to know that the assessee inherited certain movables, namely, a portion of a deposit and a portion of jewellery of his grand mother. This was omitted to be included in the original assessments. The WTO, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the credit balance stood in her account in the books of the firm M/s. Rangaswamy Naicker. The assessee is also a partner there. The books of the firm have been produced before the Department. The credit belongs to the legal heirs of the deceased Venkattammal and owing to differences between them it has not yet been dividend. It has been voluntarily included from 1972-73 onwards so that there may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rders below. 4. Having considered the matter, we are of the opinion that on the facts and circumstances of this case no penalty can be levied for concealment of wealth. We have perused the records of the assessee. We find that for the year 1967-68, the return was originally filed on 12th Nov., 1968. The enclosure to the return gives the details and the assessee has taken half share in the estate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p it back from the Department and in the circumstances we hold that it is only by a mistake that these sums were not returned. Moreover, the tax that is sought to be evaded by such omission amounts to petty sums and we, therefore, take it that the assessee has not intentionally omitted these items from the returns. We accept the appeals and cancel the penalties. 5.The appeals are allowed. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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