CHANDRA KANTA AGARWALLA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is a reference under Section 256(1) of the the I. T. Act, 1961. The assessee is an individual. The statement of the case relates to the assessment years 1966-67 to 1969-70.

(2.) The assessee is the wife of one Chandra Kumar Agrwalla. She is the mother of two minor daughters, Dipika and Gitika. She is also the mother of a minor son, Sandwip, who was born during the accounting year relevant to the assessment year 1969-70.

(3.) In the course of the assessment proceedings for the aforesaid assessment years the ITO found that no income from dividends in respect of certain shares was shown by the assessee. He also found that some of those shares were also sold in the accounting year relevant to the assessment year 1969-70 and capital gains had arisen from such sales and it was not shown by the assessee. Being asked by him to explain the position, the assessee filed an affidavit.