9911796707
TMI Blog1983 (3) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... and jewellery. During assessment the ITO noticed that in her capital account the assessee had shown an addition of Rs. 29,400 on account of salt proceeds of silver and silver utensils and Rs. 20,192 on account of sale of golden ornaments. In respect of sale of pure silver capital gains Rs. 18,941 were also shown by the assessee. In respect of golden ornaments the assessee did not show any capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impression that capital gain tax was not attracted on sale of such jewellery. It was because of this impression that she did not show any capital gains on sale thereof. But the fact remains that the sale proceeds of the jewellery were duly shown in the capital account filed by her. In more or less similar circumstance where the Explanation to s. 271(1)(c) was held to be applicable, the Tribunal h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt on a perusal of the said account. The decision of the Calcutta High Court in Sriram Jhabarmal (Kalimpong) Ltd. c. CIT (1967) 64 ITR 314) (Cal) relied upon by the representative of the department would not be very material inasmuch as this case related to addition to the quantum and was not in respect of any penalty for concealment for which the considerations would be slightly different. In rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the explanation given by the assessee the authorities have to find whether the conduct of the assessee would be considered to be fradulent or wilful. Want of due care does not necessarily amount to fraud, gross or wilful neglect. Keeping in view the all over facts and circumstances of this case we are of the opinion that it would not be safe to uphold the penalty in the present case. We, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
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