1978 (12) TMI 102

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....sst. yrs. 1969-70 to 1971-72. 2. The assessee is an individual and the valuation date was 22nd Jan., 1969 for 1969-70, 17th Jan., 1970 for 1970-71 and 30th Jan., 1971 for 1971-72. The original assessments for all these three years were completed earlier. Later the WTO came to know that the assessee inherited certain movables, namely, a portion of a deposit and a portion of jewellery of his gran....

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....The amounts in question belonged to Venkattammal, the grandmother of the assessee and the credit balance stood in her account in the books of the firm M/s. Rangaswamy Naicker. The assessee is also a partner there. The books of the firm have been produced before the Department. The credit belongs to the legal heirs of the deceased Venkattammal and owing to differences between them it has not yet be....

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....to the assessee. The Departmental Representative, on the other hand, relied on the orders below. 4. Having considered the matter, we are of the opinion that on the facts and circumstances of this case no penalty can be levied for concealment of wealth. We have perused the records of the assessee. We find that for the year 1967-68, the return was originally filed on 12th Nov., 1968. The enclosur....