9911796707
TMI Blog1969 (11) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 22(2) of the Indian Income-tax Act, 1922, filed a nil return. The revenue, however, discovered that during the assessment year the assessee purchased a property bearing door No. 20, Godown Street, Madras, in the name of his wife, the total consideration for the purchase of which amounted to Rs. 2,61,935. When confronted with this purchase during the accounting year, the assessee gave an explanation that his wife purchased the property from funds belonging to her, from funds provided by her mother-in-law and the assessee and from funds borrowed by her. The property was an evacuee property and there was an occasion for the assessee to give a sworn statement before the Assistant Custodian of Evacuee Properties setting out therein the circu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come shown in the statement as having come out of the coffee estates were merely an estimate and equally was the estate expenditure and that the statement did not include any personal expenses. Ultimately, he rejected the assessee's explanation and brought to tax such undisclosed income. In the second appeal before the Tribunal, the assessee was conscious of his limitations and in fact the learned counsel for the assessee, who argued his case before the Tribunal, fairly conceded that there were inconsistencies, contradictions, untrue statements, etc., in the various versions made by the assessee, but he would require the Tribunal to consider the circumstances in the background of human nature. The Tribunal rightly, once again, rejected the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd it is incredible as well to believe that such a large money was kept by the assessee intact with him without being banked or invested. According to the Tribunal, the assessee would stoop to any level to ward off the tax liability. The assessee tried to make out that the consideration for the purchase of the property belonged to his wife ; he failed. Then he changed his version and asserted that he had ample agricultural income from which source he could provide the funds for the purchase. No buyer was examined to prove the quantum of sales of such agricultural produce or the nature of such produce said to have been obtained by him from his estate. One can easily conceive that agricultural produce of such a magnitude to be conveyed from t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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