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1996 (5) TMI 21 - HC - Income Tax
Extract:
.......count of the assessee and there is no satisfactory explanation, then it will be deemed to be the income of the firm and will be added to the income of the firm and can be accordingly taxed. The view taken by the Tribunal appears to be erroneous on the face of it. Hence, we answer both the questions in favour of the Revenue and against the assessee.