TMI Blog1978 (3) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in deleting the addition of Rs. 71,977 as the income of the assessee from undisclosed sources, holding the same to be covered by the intangible addition made to the income of the assessee in the past ? " The facts found by the Tribunal are that the assessee, a registered firm, derived income from its b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them all in his individual capacity and that the profit earned in those transactions as well as the amount invested therein belonged to Omprakash. The ITO after making an inquiry into the claim of the assessee rejected the version of the assessee and made an addition of Rs. 71,977 as the income of the assessee from undisclosed sources. It was contended by the assessee before the AAC in appeal th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... met from out of their rental and agricultural income coupled with the withdrawals effected by them in the four immediately prior assessment years 1966-67 to 1969-70. It further held that the intangible addition of Rs. 76,210 made to the shown income of the assessee in the assessment years 1966-67 to 1969-70 could reasonably be available with the assessee in the assessment year 1970-71 in question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Misc. Civil Case No. 352 of 1970 (CIT v. Shri Dinanath Dhawale) decided on April 4, 1972, at Jabalpur. A Division Bench of this court in that decision held that the additions by the ITO in the assessments of the previous years of the assessee were on the basis that he had earned larger income than what was shown and that he had in fact earned that income. That amount was, therefore, available to h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... poses of taxation, and that it should not be regarded as the true income of the assessee. " Apparently, therefore, it could not be contended that this income which had been added up as income from intangible sources in the previous years of assessment was not available to the assessee. Accordingly, our answer to the question is in the affirmative. In the circumstances of the case, parties are ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
