1975 (11) TMI 41

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....ereinafter referred to as "the Act") by the revenue for a direction to the Appellate Tribunal to state a case and refer the following questions said to be of law for the opinion of this court : " (1) Whether, on the facts and in the circumstances of the case, and on a proper interpretation of section 64 and section 139 of the Income-tax Act of 1961 and of the relevant Income-tax Rules, prescrib....

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.... Rs. i. Dividend on shares, in the name of wife, Smt. Gyan Patnaik 31,050 ii. Dividend on shares in the name of minor son 3,452 iii. Cash credits assessed as income from undisclosed sources 40,000 iv. Estimated addition as income from undisclosed sources on account of personal expenses unaccounted for 18,500 ------------ 93,002 ------------ Addition of these amounts....

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....tion is sound whether in the new Act or under the old Act. Their Lordships also considered the fact that the footnote appended to the Form of return pursuant to the Rules framed under the Income-tax Act requires an assessee to make disclosure of income liable to be included under sections 60 to 64 of the Act of 1961. As regards the cash credits, the penalty is not sustainable in view of the fac....