1979 (4) TMI 82

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....) of the WT Act, 1957, for the assessment years 1964-65 to 1970-71. 2. We heard the learned counsel for the assessee and the learned departmental representative. 3. The IAC, to whom the matter was referred, had levied penalties for the above assessment years under s. 18(1)(c) of the WT Act on the ground that the following specific items and assets were not disclosed by the assessee in the re....

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....the statements accompanying the returns that the jewellery belonged to his wife as "Stridhana". He had also attached a list of such jewellery. It is the assessee's plea that due to the bonafides belief that such "Stridhana" of the wife is not includible in his assessments, he was not included the value of such jewellery in these assessment. As regards the shares in star Paper Mills Ltd., the plea ....