TMI Blog1985 (11) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... on which the assessee's previous year for the assessment year 1968-69 ended, he was only about 10 years and 9 months old and at the close of the previous year for the assessment year 1970-71 he had gained two more years in age. The income-tax returns for the assessment years 1968-69 to 1972-73 were filed purporting to be on behalf of the assessee by his father and the natural guardian on 28-2-1973 voluntarily. The income shown in those returns was income from interest on money lent. In the assessment year 1968-69, an income of Rs. 5,100 was disclosed and in the assessment year 1970-71 an income of Rs. 5,300 was disclosed. The capital for this business of money-lending was claimed to have come from gifts from three persons at the time of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeals against the aforesaid assessment to the AAC who accepted the assessee's claim and deleted the additions. The matter then came to this Tribunal on the revenue's appeals being IT Appeal Nos. 634 and 635 (Indore) of 1976 which were allowed by this Bench vide order dated 31-1-1976 and the Tribunal set aside the order of the AAC and directed him to redecide the appeal after making some inquiries about the factum and genuineness of the gifts in question. After the matter went back to the learned AAC, the latter again allowed the assessee's appeal holding the gifts to have been satisfactorily proved. The revenue again came to this Tribunal in IT Appeal Nos. 54 and 55 (Indore) of 1979 which were allowed by this Bench vide order dated 7-6-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... far it has not been clarified under which section of the Income-tax Act, 1961 ('the Act') the sum of Rs. 24,500 and the other sum of Rs. 4,950 has been assessed. Sections 69, 69A, 69B and 69C of the Act had no application as the amounts were fully recorded in the books and no money was actually found anywhere. Section 68 of the Act could have been applied to the present case if the assessee had been a major. Section 68 comes into operation where any sum is found credited in the books of the assessee maintained for any previous year. In the case of the present assessee who was just a child, the books which were produced before the ITO were written by his natural guardian and it cannot be said that they are the books of the assessee. The nat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervation that the donor was living with the assessee's father and from this he has concluded that he could not have any means to make the gifts. We may mention that the written confirmation of the first gift by this person was filed before the ITO and for the second gift a document on a stamp paper was duly executed and filed before the ITO. About the other gifts made by Pannalal and Rampyaribai, one Jamnalal, the son of Pannalal's brother had filed an affidavit stating that the two gifts were made in the year 1957 in his presence. He was also examined by the learned AAC and there was no reason to doubt his statement. Narsinghdas Mittal had also filed an affidavit before the learned AAC in March 1977 affirming the gifts. The ITO's observati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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