Law: Income Tax Act, 1922

Section: 4,66,42

(a) Income-tax Act (XI of 1922)---S. 4 read with S. 66-Assessment-Finding of fact--High Court, jurisdiction of-Main basis for rejection of accounts by Income-tax Officer: unverifiability of cash sales and lower G. P. rate-No evidence produced by assessee to controvert verifiability of retail sales-Finding of Income-tax Officer-Not dislodged in appeal before Tribunal-Such finding of fact, held, could not be interfered with by High Court on reference under S. 66. P. B. Jassaram Fateh Chand v. Commissioner of -Income-tax (1974) 29 Taxation 161 and S. M. Yousuf & Brothers v. Commissioner of Income-tax 1974 P T D 45 distinguished. (b) Income-tax Act (XI of 1922)-. ---S. 4 read with S. 66-Presumption-Petitioner-assessee never relying on a specified enactment in appellate proceedings to substantiate names and addresses of retailers being available from firm's record-Copy of grounds of appeal also not filed to show such point having been taken before Tribunal-Inference, however, tee be drawn of such specific point having not been urged by assessee before Tribunal-Point, held, could not be raised before High Court. Bachu Bai F. E. Dinshaw v. Commissioner of Income-tax P L D 1967 Kar. 372 and Raja Bahadar Sir Rajindra Narayan Bhanj Deo v. Commissioner of Income-tax, Bihar and Orissa A I R 1940 P C 158 ref. (c) Income-tax Act (XI of 1922)- S. 66-Investigation of facts-High Court, jurisdiction of-Investiga­tion of facts-Held, beyond scope of proceedings under S. 66. (d) Income-tax Act (XI of 1922)- --- S. 42 read with S. 66-Assessment-Jurisdiction-Unverifiability of cash sales coupled with gross profit rate, cumulatively constituting material for rejection of accounts-Correctness or otherwise of conclu­sions reached by Tribunal-Not to be adjudged by weighing each fact detached by-Cumulative effect of all facts to be measured together as intrinsic components of same portrait Rejection of accounts not interfered with. Edwards (Inspector of Taxes) v. Bairstow (1955) 28I T R 579 ref. (e) Income-tax Act (XI of 1922)- S. 66-Reference-High Court, jurisdiction of-Question of suffi­ciency or insufficiency of evidence or quality of evidence-Not to be looked into by High Court.…

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