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2004 (8) TMI 49 - ALLAHABAD HIGH COURTUnexplained Money - "1. Whether, Tribunal was justified in applying the S. 145, in respect of the assessee's income in the sale effected by it during the relevant period? 2. Whether, Tribunal was justified in not considering that the burden lies on the Department to prove that the amount belonged to the assessee it was more so when the four partners had admitted that the amount belonged to them and was consequently justified in holding that the sum of Rs. 52,000 from out of Rs. 92,000 found in the assessee's premises was owned by the assessee?" - Tribunal has recorded a categorical finding that the explanation offered by the applicant that it was from the savings/withdrawal of the partners, had not been established. Moreover, the assessment has been made on the partners on the protective basis - It is seen that where an assessee is found to be the owner of any money, which is not recorded in the books of account and the explanation offered by him is not found to be satisfactory, the money is to be deemed the income of the assessee for such financial year. Here the explanation offered by the applicant has been disbelieved. The findings recorded by the Tribunal are based on appreciation of evidence and material on record and do not suffer from any illegal infirmity.
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