TaxTMI 
TaxTMI 
1981 (1) TMI 101
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....mitting total income of Rs.11,030 by excluding the miscellaneous receipt of Rs. 8,005. During the course of assessment proceedings the assessee filed second revised return on 9th March, 1976 including the miscellaneous receipt of Rs. 8,005. The assessment was completed by the ITO adding back the miscellaneous receipt of Rs. 8,005. He has also found that the net withdrawals shown by the assessee for the purpose of domestic expenses were very low and, therefore, made an addition of Rs. 11,000 on that account. Thus on account of the unexplained deposit of Rs. 8,005 in Allahabad Bank on 12th Dec., 1972 and on account of low withdrawals the ITO made an addition of Rs. 19,005 in the assessment. Since the assessee has himself included the deposit ....
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....ground for levying penalty and it was purely a matter of difference of opinion. However, the ld. AAC rejected both the contentions and relying on the decision of the Tribunal sustaining the addition on account of low withdrawals for household expenses and also the decision of the Punjab & Haryana in the case of Vidya Sagar Oswal vs. CIT 1977CTR (P&H) 8: (1977) 108 ITR 861 (P&H), confirmed the penalty levied by the ITO. 5. The ld. counsel for the assessee has been heard at length. He has filed a paper book containing the appellate orders and other correspondence. In short, he has reiterated all the contentions that were urged before the authorities and also grounds of appeal taken by the assessee. 6. The ld. Deptl. Rep., on the other han....
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....as well as in the revised return filed on 9th March, 1976. In the covering letter dt. 30th May, 1974 enclosing the first revised return the assessee has clearly stated the reason for excluding the amount of Rs. 8,005 which was shown in the original return. Further before the assessment is completed the assessee has filed a second revised return including the sum and the assessment is completed on that basis. Therefore, there is no concealment of particulars of income or furnishing of inaccurate particulars of income in respect of this item. 9. As regards the second item representing the estimated addition on account of low withdrawals for domestic expenses there is no material to show that it was concealed income and although such additio....