1996 (11) TMI 104

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....Rs. 4000 levied under s. 271A for asst. yrs. 1991-92 and 1992-93. 2. The learned counsel for the assessee submitted that the assessee has qualified only upto middle class and was not conversant with the work of writing of books of accounts. He could not engage any accountant in spite of all efforts. The assessee has, however, kept the details of bank account, various investments made by him, hi....

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....e years under consideration at an income of Rs. 40,000 and Rs. 42,000 respectively. The assessee also enclosed with the returns of income a statement of affairs giving the details of assets and liabilities as at the beginning of the year as well as on the close of the year. The declared income was estimated by taking into consideration the net increase in assets along with the tradings made by the....