I'd be very surprised if it's that late. By the 60s, Italian boxes had pretty much fully transitioned to the sleek, smooth instruments we know today. Looking at the general boxy shape - and the two toggle-style (that is, I assume they turn individual reed banks on and off like stops on an organ, rather than selecting preset combinations) register switches, I'd say this is maybe late 30s but probably 1940s. As for not having waterfall keys, not all instruments were built like that. I've seen more old accordions without waterfall keys than with, so not having them definitely doesn't mean that it isn't a certain age!