Law: Income Tax Act, 1961

Section: 254(2)

Income-tax---Appeal to Appellate Tribunal---Rectification of mistakes---Income from undisclosed sources---Tribunal considering facts relating to two years and accepting explanation for one year and rejecting explanation for another--Findings based on evidence---No error on the face of record---Indian Income Tax Act, 1961, S 254(2). In respect of an addition of Rs.47,422 relating to the assessment year 1984-85, the Tribunal took the view that except the vague statement that the monies were from the husband of the assessee and her own mother, there was no explanation regarding its source. Therefore, the Tribunal declined interfere with regard to the addition of the said amount. For the assessment, 1 year 1983-84 the Tribunal accepted the assessees explanation regarding; amount of Rs3,60,276. The explanation was that this amount the peak credit found in the business by name D.K.B. & Co. which was leading Abkari contractor in the district; that the assessees mother, P, was partner of the above firm, and the assessees father, RB, was in comp), management of the above Abkari firm; that the firm had heavy cash balance and, therefore, on July 3, 1982, when the cash balance was Rs.8,12,247, amount in question drawn from the books of account of D.K.B. & Co. had been deposited by the credit entry in question in her bank account. The Tribunal dismissed an application for rectification in respect of assessment year 1984-85. On a reference: Held, that the Tribunal had not only dealt with the two assessment years separately, but had also recorded its independent and separate reasons, on the basis of which, the Tribunal had found that the explanation offered by the assessee with regard to the amount of Rs.7,60,276 was acceptable and on the other hand beyond a vague statement, there was no explanation with regard to the entry relating to the amount of Rs.47,422 in the same bank account. Thus, there was no incongruity or any kind of error apparent on the face of the record, in the order of the Tribunal in relation to the assessment year 1984-85. Indira Rani (B.) (Smt.) v. CIT (1995) 211 ITR 346 (Ker) ref. JUDGMENT V.V. KAMAT, J.---The assessee is an individual and gets…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492