Law: Income Tax Act, 1961

Section: 256

Income-tax---Income from undisclosed sources-Amount disclosed in return of income claimed as exempt from tax as being casual receipts from horse racing-No cogent evidence produced by assessee to prove claim--Tribunal's finding that the amount in question was income ' from undisclosed sources-Finding based on material on record and not on surmises or conjectures -Such finding, held, justified. [Case-Law referred]. JUDGMENT C. K. BANERR, J. -This reference under section 256(2) of the I.T. Act, 1961, arises out of the income-tax assessment of Sri Bhupesh Chandra Paul also known as Q. C. Paul, the assessee, for the assessment year, 1965-66. The facts found and/or admitted in these proceeding, are shortly as follows: In his return filed for the said assessment year the assessee disclosed receipt of 1,58,2,0 but claimed the same to be exempt from tax being casual receipts from horse racing. 1n support, the assessee filed copies of five betting memos in the letter-head of K. N. Chakraborty, a book-maker, record­ing that between the 21st November, 1964; and the 4th February, 1965, the assessee had on five different date's won in bets on horses sums aggregating to Its. 1,58,250. In answer to queries of the I.T.O. the assessee by his letter dated the 5th September, 1970 stated, inter alia, that he had been interested in racing for only a limited period, had visited the races with a friend since deceased, had consulted the books and lists of the Royal Calcutta Turf Club and had - placed loots from his office .with the said book-maker, K. N. Chakraborty. Being examined by the I. T. .O. he stated that he did not .remember the names of any of the winning 'horses or the fees charged for entering the race .course. Being asked to produce the said K. N. Chakraborty and the latter's book the assessee sought to retract his earlier statements and by his letter dated. 18th September, 1970, stated that he, bad placed his bets through his friend, one S. IL Paul. Pursuant to a summons issued under section 131 of the I. T. Act, 196f, K. N. Chakraborty appeared before the I. T. O. and deposed. He admitted the said transactions with the assesses but could not produce his books of account…

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