1977 (12) TMI 42

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..... 2 and 1972-73. 2. The assessee is an HUF and Major Tikka Khushwant Singh is the present Karta. For the asst. yrs. 1971-72 and 1972-73, Rani Tikka Gunwant Kaur (daughter-in-law of Tikka Khushwant Singh) claimed an interest of Rs. 1,125 in each year on a sum of Rs. 25,000 alleged to have been advanced by the assessee. In the absence of any evidence her claim was not accepted in her assessments. I .....

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..... or inaccurate particulars were alleged to have been furnished, exceeded a sum of Rs. 25,000 in each year. It may be mentioned that against the total income disclosed at Rs. 10,090 and Rs. 12,330 for the asst. yrs. 1971-72 and 1972-73, the income were originally assessed at Rs. 46,980 and Rs. 49,010. As a result of appeals however, the income in these two years were reduced to Rs. 12,868 and Rs. 15 .....

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..... it is stated by the IAC that the assessee confirmed the receipt of interest but this fact is disputed by the assessee. In any case, there is no evidence on record to suggest that either the assessee gave a loan of Rs. 25,000 or any interest was received in these two years. The penalties levied in both the years are cancelled. 5. In the result, both the appeals are allowed. - - TaxTMI - TMIT .....

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