1979 (2) TMI 86

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....t, the assessee, in the assessment year 1961-62, the relevant accounting period being 1367 B.S. During the material period the assessee had constructed two floors of a house at Howrah and he contended that the cost of such construction being Rs. 18,000 had been met out of his savings of earlier years. This was not accepted by the ITO, who estimated such cost at Rs. 45,000 and added the same to the....

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.... by which date the Explanation to s. 271 of the I.T. Act, 1961, had come into operation. The assessee had declared in his return an income of Rs. 7,059 which was ex facie less than 80% of the assessed income. Therefore, the IAC held that in view of the said Explanation the onus was on the assessee to prove that he did not conceal particulars of his income. The assessee not having produced any evid....

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....y. Following the decision of the Kerala High Court in Hajee K. Assainar v. CIT [1971] 81 ITR 423, the Tribunal held that the Explanation to s. 271(1)(c) of the I.T. Act, 1961, which was promulgated in 1964 did not apply to the relevant assessment year 1961-62. The Tribunal accordingly allowed the assessee's appeal and cancelled the order imposing penalty. On the application of the Commissioner ....

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....led by the assessee on the 15th September, 1964, for the assessment year 1963-64, and the total income returned by the assessee was less than 80% of the total income on which he was finally assessed. In the penalty proceeding the IAC rejected the explanation of the assessee that the addition in the assessment was made merely on estimate and that the assessee did not conceal any income. He held tha....