1978 (6) TMI 85

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....s aggregating to Rs. 22,500 and had earned interest of Rs. 1,127. Notice u/s 148 was issued. On 9th Jan., 1975 the assessee filed a return disclosing the above credit and interest in part III of the return. It was pointed out that the advance made belonged to the kartha in his individual capacity and the same was therefore not mentioned in the return filed earlier of the HUF of which the assessee was the kartha and that it was for the same reason that the interest earned also was not offered in the assessment of the HUF. On the same date a return in the individual capacity offering for assessment the deposit of Rs. 22,500 and interest earned thereon amounting to Rs. 1,127 was also filed. The assessment was however completed by including the....

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....r, in respect of the interest income of Rs. 1,127 the AAC held it was not proved by the assessee that the interest was earned by the Kartha in his individual capacity and was not earned by the family. Observing that the assessee had furnished inaccurate particulars of the income in the return filed originally to the extent of Rs. 1,127 the AAC sustained the penalty of Rs. 1,127. The department has come up in appeal against the said order of the AAC. The learned departmental representative submitted that in the appeal preferred against the quantum of assessment the addition of Rs. 22,500 under the head `other sources' as well as the interest of Rs. 1,127 were confirmed by the Madras Bench `A' of the Tribunal in ITA. No. 1776 (Mds) 1975-76 by....