TMI Blog1981 (9) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... ial years 1965-66 to 1974-75. The assessee furnished the source of the funds to have been out of the initial capital, sale of cycles, income from salary and sale proceed of shop. The Commr. noted that no proper evidence appeared to have been led regarding the existence of the shop, dairy business and sale of cycles etc. He noted that the ITO did not make inquiries into those points. He noted furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of the ITO was erroneous and prejudicial to the interest of revenue for failure of the ITO to make proper inquiries. He, therefore, set aside the assessment order with the direction to the ITO to make fresh assessment. 4. It is submitted on behalf of the assessee that there was no question of assessee's failure to furnish evidence, materials and records to establish the sources of funds, as, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduce the persons concerned before the Commr. to meet the points. It is also the appeal of the assessee that the Commr. has not given due consideration to the various aspects of the assessee's case made before him. It is argued, therefore, that the order of the Commr. may be set aside. 5. On behalf of the Revenue, the ld. Deptl. Rep. supports the order of the Commr. while contending that admitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of. The Commr. set aside the order of the ITO for making further inquiries as, according to him, whether the assessee could have established the impugned sources of income which made up the capital accumulation, was an open question as the ITO did not make normal inquiries. As mentioned briefly above, the ITO did make inquiries from the assessee and after considering the various submissions and de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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