1976 (1) TMI 51

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....sed by him under s. 271(1)(c) of the IT Act, for the asst. yr. 1972-73. 2. The penalty was levied by the ITO on the ground that the assessee had not disclosed a notional A.L.V. in respect of self-occupied property amounting to Rs. 500 and Annuity Deposit Refund amounting to Rs. 1,660 in the return filed by him and that he had understand drawings for personal expenses by Rs. 4,200. In response t....

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....refund of Annuity Deposit, the assessee pleaded that he had been declaring the interest received in respect of the Annuity Deposit in the returns filed by him and he was not aware that the amounts refunded out of the deposit have to be shown in the return of the respective years. With regard to the personal drawings, he pointed out that he was also deriving some agricultural income from lands belo....

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....is is not a case to which the Explanation to s. 271(1)(c) would apply as the difference between the income returned and the income assessed is less than 20 per cent of the assessed income. Accordingly, in this case, the factum of concealment will have to be established by the Department in accordance with the judgment of the Supreme Court in CIT, West Bengal I, & Anr. vs. Anwar Ali (1970) 76 ITR 6....