1982 (6) TMI 72

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....,630 made by the ITO under s. 69A. 2. Facts briefly stated are that assessee had filed a return showing an income of Rs. 18,040 for asst. yr. 1977-78 on 10th Aug., 1978. The return was revised on 8th Aug., 1979 when the assessee filed another return showing income of Rs. 28,019. The reason for revising the return was given out that the assessee had omitted to show the capital gain of Rs. 10,500....

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....o Rs. 22,630 as income arising out of the undisclosed sources under s. 69A. 3. The finding of ITO was sought to be impugned by the assessee before the AAC, Rohtak but he did not succeed. AAC Rohtak confirmed the findings of the ITO regarding the addition of Rs. 22,630, and dismissed the appeal. The assessee, therefore, is in appeal before us and seeks to impugne the finding of AAC as erroneous.....

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..... The Tribunal having considered the facts did not agree with the lower authorities and reversed their findings. A part of its finding is reproduced below: "5. I have considered the facts and I am of the view that the plea of the assessee should have been accepted. The ornaments sold are described as old gold ornaments in the sale voucher. In my opinion, that discrepancy of one carat was not so....