TMI Blog1978 (7) TMI 171X X X X Extracts X X X X X X X X Extracts X X X X ..... ending 31st March, 1975) the ITO noticed cash credits in the accounts to the sum of Rs. 90,500. The ITO for the reasons maintained in her order added the above cash credits as the income of the assessee under the head "other sources" On appeal the AAC found that the ITO had rejected the explanation of the assessee regarding the cash credits on the basis of the information in the possession of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditors. He pointed out that the creditors were not fictitious and that further the creditors were owning agricultural lands from which they were deriving substantial income as evidenced by the certificate from the village Munsiff, produced before the authorities below. He further pointed out that in the case of creditors A. Nathar Mohamad, A. Sikkanthar Badsha and Varusai Mohamed they were asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... back of the assessee by the Income tax Inspector for the purpose of holding that the confirmatory letters were bogus. It is not the case of the Revenue that the assessee was not called upon to produce the creditors and that the assessee failed to do so. It is pointed out that Sri Nathan Mohamed, Sri Varusai Mohamed and Sri Sikkanthar Badsha were assessed to Income tax in prior years. Many of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us by the learned counsel that Nathar Mohamed and his children owned agricultural lands and were assessed to agricultural income tax. On a consideration of the entirety of the facts and on a perusal of the records of the case, we are satisfied that the Revenue has not made out a strong case for disturbing the order of the AAC. The appeal of the Revenue fails and is dismissed. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
