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1964 (12) TMI 56 - MADRAS HIGH COURT

1964 (12) TMI 56 - MADRAS HIGH COURT - [1966] 60 ITR 563 - Tax Case No. 33 of 1962 - Dated:- 15-12-1964 - Srinivasan And Venkatadri, JJ. For the Assessee : S. Narayanaswami and T. V. Ramanathan For the Commissioner : V. Balasubrahmanyan JUDGMENT Srinivasan, J. The question that stands referred to us is: "Whether there was no material for the Tribunal to hold that ₹ 50,000 was the income of the assessee assessable to tax under the provisions of the Income-tax Act in the assessment year .....

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the Bank of India at Palanpur. Originally, the entire sum of ₹ 1,50,000 was brought in for assessment in proceedings under section 34 of the Act, but, ultimately, the Tribunal directed the exclusion of two sums of ₹ 50,000, but sustained the addition of only one sum of ₹ 50,000, which stood as fixed deposit in the name of the assessee and his son. It is not in dispute that this sum belongs to the assessee. In explanation of this deposit, the assessee stated that he had been wi .....

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he cash balance of ₹ 30,800 had been shown in his wealth statement filed in October, 1944. With regard to the sale of jewellery, the Income-tax Officer found that there had been considerable delay in furnishing specific details, that the evidence of the person to whom the jewellery is said to have been sold was not satisfactory and that the raising of this amount in the manner claimed could not be credited. In conclusion, the Income-tax Officer said that the assessee had no source of incom .....

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or making the deposit in 1947. Nor was it prepared to accept the evidence of the person who claimed to have purchased the jewels. It observed that though the money had been banked in the Native State, the business of the assessee was all in British India, and that though the department had not proved positively that the assessee had any other particular source of income, it stood to reason that the bulk of the money should have been made in India. It confirmed the inclusion of this sum of ₹ .....

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is argument to the conclusion reached by the Tribunal that the amount in question must have been derived from sources in the taxable territory. It is urged by him that it is for the department to establish in these circumstances that the sum was derived from the taxable territories, that there is no evidence which would justify any such conclusion, that it is only a conjecture which had been made by the Tribunal and that therefore the order of the Tribunal cannot stand. This is the short questio .....

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