9911796707
TMI Blog1976 (12) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... f facts are : The assessee in his returns of income filed on 12th October, 1965 and 9th December, 1969 had shown a sum of Rs. 1,58,250 in section F of the Return and claimed the same as non-taxable on the ground that it represented casual receipts from race winnings. During the assessment proceedings, the ITO however, probed into the genuineness of the assessee's claim that the said amount represe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 20th September, 1974 reversed the decision of the A.A.C. and restored that of the ITO 4. The I.A.C. in his order under appeal after narrating the aforesaid facts as well as para - pharasing the order of the ITO made u/s.143 (3) of the 1961 Act imposed penalty of Rs. 2,37,000 in the following manner: "In view of the facts stated above it is proved beyond doubt that assessee has not earned the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in holding that the assessee had furnished inaccurate particulars in this regard. He further submitted that in view of the facts stated above, the assessee's claim cannot be hit by the provisions of s.271 (1)(c) of the 1961 Act. He also highlighted the fact that there is difference of opinion between the ITO and the Tribunal on one side and that of the A.A.C. on the other side about the includibi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, u/s.10 (3) of the 1961 Act was exempt from taxation. The ITO, treated it as the assessee's income from undisclosed sources. However, the A.A.C., deleted the same in an appeal preferred by the assessee. In a further appeal preferred by the Revenue, the Tribunal restored the said addition. In other words, there is honest difference of opinion between the assessee and the taxing authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X
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