9911796707
TMI Blog1976 (4) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... ged. 2. The assessee is an individual. On examining the books of the assessee, the ITO found that during the asst. yr. 1970-71 (year ending on 31st March, 1970) the cash balance as on 31st March, 1970 was only Rs. 3,172.10. However, the ITO noticed that the opening cash balance for the next year viz., as on 1st April, 1970 was shown by an inflatory figure of Rs. 7,929.77. The assessee could not e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with reference to the asst. yr. 1970-71 and the penalty had been wrongly levied. 4. The assessment order for 1970-71 dt. 20th Feb., 1973 points out that the amount of Rs. 7,929.77 will have to be added either in the asst. yr. 1970-71 or 1971-72. It further points out that since the cash was introduced on the very first date of the next year, that amount should be treated as the income of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owever, there is no finding by the AAC that the concealment was during 1970-71. Admittedly, the cash credit was on 1st April, 1970 and if at all, it has to be treated as the income of the assessee, it was only in respect of asst. yr. 1971-72. Since this cannot be treated as the concealed income of the assessee for 1970-71, the levy of penalty cannot be supported. Hence, the appeal is allowed and t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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