1976 (3) TMI 75

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....ied in 1966 and the business was inherited by the appellant. For the asst. yr. 1968-69 the assessee filed a return income and was assessed on the basis thereof. Subsequently it came to the knowledge of the ITO that an interest of Rs. 1,015 received by the assessee from a bank had not been shown in the return. He issued a notice under s. 148 and in the return filed the assessee returned this item o....

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....n filed by the assessee on12th Sept., 1968but the question is whether this omission was due to over-sight or was deliberate or wilful. It is necessary in this context to bear in mind that the present case is not governed by the Explanation to s. 271(1) because so far as re-assessment proceedings are concerned the income returned has been accepted and even by reference to the earlier assessment pro....

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....erest income was not included in the return. The AAC referred to the fact that the assessee had invested in a house property during the accounting period relevant for the asst. yr. 1970-71 and that obviously she showed the interest on Bank deposit because she had to explain the investment in the house property this year. Even this fact is not against the assessee. It only shows that when she had o....