Law:

Section:

Section 143 of the Income-tax Act, 1961 [Corresponding to section 23 of Indian Income-tax Act, 1922] - Assessment - Additions to income - Assessment year 1948-49 - Whether where nature and source of a receipt, whether it be of money or of other property, cannot be satisfactorily explained by assessee, it is open to revenue to hold that it is income of assessee and no further burden lies on revenue to show that that income is from any particular source - Held, yes - Assessee - HUF introduced in books of account of its business certain capital which consisted of gold rawa, gold ornaments, stones and cash - Assessee explained that said assets had been brought by Karta of assessee - HUF when he migrated from Lahore in June 1947 where assessee carried on a reasonably large business in gold and jewellery - Tribunal rejected explanation regarding part of value of assets and assessed same as undisclosed income of assessee - Whether when circumstances supported inference that assessee must have brought those assets from Lahore and there was no material on basis of which it could be said that assets brought by assessee were not of value shown by assessee but of lesser value, Tribunal was not justified in treating part of said assets as undisclosed income of assessee - Held, yes Rule 29, read with rules 30 and 31 of the Income-tax Appellate Tribunal Rules, 1963 - Additional evidence-Procedure for taking of - Whether where Tribunal had not followed procedure prescribed by rules, answers given by assessee could not be relied upon by Tribunal for purpose of coming to any conclusion adverse to assessee - Held, yes FACTS The assessee-HUF introduced in the books of account of his business on 30-3-1948, capital of Rs. 3,33,414 which consisted of gold rawa, gold ornaments, stones and cash. In the assessment proceedings the assessee explained that gold rawa, ornaments and cash representing this capital were brought by the karta when he migrated from Lahore where the assessee was carrying on business in gold and jewellery and they were kept in a sealed trunk with the Amritsar branch of the State Bank of India and when he came over to Delhi in October 1947, he deposited the same in…

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