1974 (3) TMI 7

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....Act, 1961, dated March 30, 1970, for reassessment in respect of assessment year 1961-62, issued by the respondent No. 1. The petitioner is a partner of the firm, M/s. Calcutta Hardware Stores, which carries on business as a dealer in black sheet, sheet cutting and tinkers. On the 1st of April 1970, the petitioner received a notice dated March 30, 1970, issued by the respondent No. 1 under secti....

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....by Birendra Nath Sarkar, the respondent No. 1, it is stated in paragraph 6 that the original assessment was made by Sri H. C. Sharma as Income-tax Officer, "A" Ward, District 1(2), Calcutta, on a total income of Rs. 87,227 as against the returned income of Rs. 84,759 on February 22, 1962. At the time of the original assessment the assessee-firm filed copies of accounts including profit and loss ac....

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....mission or failure on the part of the assessee to disclose truly or fully the material facts relevant for the assessment year. The Income-tax Officer having knowledge of these facts in the previous accounting year had accepted the hundi loans as genuine. In the course of assessment for subsequent years the Income-tax Officer formed the belief that those hundi loans were not genuine and even then t....