ANANTHA NAGANNA CHETTY vs COMMISSIONER OF INCOME-TAX, HYDERABAD — 1994 PTD 158

Citation: 1994 PTD 158

Court: Andhra Paradesh High Court

Year: 1969

Decision Date: 1969-09-12

Parties: ANANTHA NAGANNA CHETTY vs COMMISSIONER OF INCOME-TAX, HYDERABAD

Headnotes

Case cited as 1994 PTD 158

Judgment Text

Court Name: Andhra Paradesh High Court Judge(s): P. Ramchandra Raju, Gopalrao Ekbote Title: ANANTHA NAGANNA CHETTY vs COMMISSIONER OF INCOME-TAX, HYDERABAD Case No.: CA.No,62 of 1965 Date of Judgment:1969-09-12 Reported As: 1994 PTD 158 Result: Question answered JUDGMENT JUDGMENT ' GOPAL RAO EKBOTE, J.--- This is a reference made under section 66(2) of the Income-tax Act, 1922, and arises in the following circumstances. ' The assessee is an individual. The assessment year is 1949-50. The assessee derived income from property, business and share income from firms in which he was a partner. He, however, failed to disclose his 14/16th share in the firm of Messrs Revana Siddeswara Oil Co. For the assessment year. He contended that he had nothing to do with the firm and that he was a mere financier and that he has received only interest on the amount which he had supplied to the firm. This contention was rejected. He was ultimately assessed on the share of income from that firm also. The department had also initiated penalty proceedings against the assessee for his omission to account for the share income from the said firm. The explanation of the assessee was that he had not concealed any particulars of his income and that he had advanced certain monies to the firm by way of loan charging interest therefor. He also stated that since the firm had been dissolved, no penalty, therefore, was exigible. After this explanation was filed the Income-tax Officer, who had issued the…

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