1976 (1) TMI 4

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....ee is a reputed film star and a stage actress. The assessment year is 1960-61. The previous year is the financial year. By rejecting the explanation offered by the assessee in respect of certain receipts, the ITO brought certain sums to tax as stated in the statement of the case. The said assessment was made on July 9, 1964, in which the ITO has made the following endorsement: " Issue a notice un....

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....f penalty could be said to have been initiated in the course of the assessment proceedings within the meaning of s. 275 of the I.T. Act, 1961 ?" Mr. Ajit Sengupta, the learned counsel for the revenue, has contended before us that the above question should be answered in the affirmative and in favour of the revenue by following the decision of the Supreme Court in the case of D. M. Manasvi v. CIT ....

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.... satisfied in the course of the assessment proceedings that the assessee had concealed his income and that his satisfaction, in the very nature of things, precedes the issuance of the notice which is a consequence of his said satisfaction. It has been held by the Supreme Court in the case of CIT v. S. V. Angidi Chettiar [1962] 44 ITR 739 that the ITO was satisfied in the course of the assessment ....