9911796707
TMI Blog1981 (5) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... ED Act, 1953 was made on the principal value of Rs. 3,70,807. Subsequently, it was modified under s. 61 at Rs. 4,95,509. Thereafter, the Asstt. Controller found that the accountable person did not disclose the value of Rs. 47,765 which the deceased invested in the new housing scheme. Accordingly, action under s. 61 of the ED Act, was taken and a show cause notice was issued to the accountable per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s submitted that the value of the property was not shown in the return which was duly accepted by the Asstt. Controller. It was also stated that no action under s. 61 can be taken on this issue. The accountable person relied on (1971) 82 ITR 50 (SC) (1972) 84 ITR 523 (Mys) and (1963) 49 ITR 127 (Mad). The CED(Appeals) accepted the argument of the accountable person and he stated that no action can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the construction of houses for coal mines on which the deceased spent Rs. 47,765. The scheme for under the Low cost Housing Scheme for coal miners had been produced and cl. (10) of the agreement reads as follows: "10. The house(s) so constructed including the land(s) on which they stand shall belong to and vest in the Board and shall remain the property of the Board even after the determinati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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