1982 (6) TMI 98

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....eted the assessment on 31st Jan., 1975 determining total income at Rs. 13,000. The quantum assessment was taken up in appeal before the AAC. The AAC disposed of the appeal in quantum on 28th July, 1977 and reduced the income determined by the ITO to Rs. 10,000. 4. Along with the return of income filed for this year by the assessee on 6th March, 1974, there was a letter addressed to the ITO, A-ward, Yamunanagar, in which the assessee replied to the query raised by the ITO regarding the immovable property of the assessee. In this letter, the assessee pointed out that he purchased a plot for Rs. 18,883 on 16th Feb., 1971 and this amount was duly debited in the personal books of account. He got a plan sanctioned from Municipal Committee, Yamu....

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.... had constructed 9 shops. The ITO has recorded in the re-assessment for the asst. yr. 1972-73 made on 29th Dec., 1979 that, "it was pointed out by the ld. AAC that the assessee earned capital gains on the sale of 5 sites of shops and 4 constructed shops for Rs. 46,000 during the accounting period relevant to the asst. yr. 1973-74". Thereafter, the ITO points out that his predecessor started this re-assessment proceedings and completed on 29th Dec., 1979 as earlier mentioned. On the basis of his re-assessment, the ITO issued a notice to the assessee to show cause why penalty need not be levied for failure of the assessee to disclose fully and truly all material facts necessary for his assessment. The assessee contended before the ITO on 11th....