Law:

Section:

Section 69A of the Income-tax Act, 1961 - Unexplained money - Assessment year 1989-90- Appellant-assessee was a managing partner in a firm - Assessee showed certain amount in his books as coming from aforesaid firm - On verification, no corresponding entry was found in accounts of aforesaid firm - Appellant explained that accountant of firm had left service and firm had to engage a new accountant who had committed clerical mistake - Whether since appellant could not produce day book of aforesaid firm to establish source of credits made, it could be said that appellant had not satisfactorily explained source for credits made in his books of account and, thus, amount in question was assessable as unexplained income in his hands - Held, yes - Whether since assessee had not raised alternate contention that credits made in his books should be treated as income of earlier years before Assessing Officer or first appellate authority, he should not be allowed to raise such contention before second appellate authority - Held, yes FACTS The appellant-assessee was a managing partner in a firm. While completing the assessment for the assessment year 1989-90, the Assessing Officer found certain unexplained amount and wanted the assessee to explain it. The assessee submitted that the aforesaid amount came from a partnership firm of which he was managing partner; that the accountant of the firm had left the service and the firm had to engage a new accountant to write the accounts and that he had committed clerical mistakes. However, on verification of accounts of said firm, no corresponding date of entry was found in their accounts. On that basis, the Assessing Officer proposed to make the addition of aforesaid amount as unaccounted income of the year and later completed the assessment. On second appeal, the Tribunal had considered the question as to whether the appellant had produced proof as to why the amounts were credited on various dates and held that the appellant had not discharged the burden. On appeal : HELD In the instant case, the appellant could have produced the documents, viz., the day book, which would show the daily transactions of the firm such as receipts and…

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