1982 (6) TMI 114

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....an Individual. ITO made out a best judgment assessment as per order dt.15th Jan, 1979determining total income at Rs. 18,927, as against declared income of Rs.10,947. Assessee deals in garments. In the said assessment, ITO included deemed income of Rs.7,981 in terms "Investment made by the assessee treated as the income from undisclosed sources -- Rs. 7,981" No other discussion is available in the ....

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....ore than amply covered by the drawings amounting to Rs. 6,990 made by the assessee during the year under consideration, the ITO added said sum of Rs. 500 also as being unexplained investment of the assessee. That was not justified in the facts of the case. So far as the opening balance of Rs. 7,481 is concerned, that figure, as indicated above, actually reflected closing capital of the assessee as....