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TMI Blog2002 (6) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... an appeal against the concurrent orders by the lower authorities. The substantial questions of law, as are disclosed from the appeal memo are as under: "(a) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in holding that the loan of Rs.1,12,500 received from R.S.K. Shanmugavel is the undisclosed income of the appellant? (b) Whether, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Learned counsel also urged that the Tribunal had erred in disbelieving the case of the assessee that she had her personal savings of Rs.14,572.50. The thrust of the argument was that these amounts could not have been treated as undisclosed income, particularly because, in some of the years in the block period of April 1, 1985 to July 26, 1995, the income of the assessee was below the tax limits. L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by way of loan from one R.S.K. Shanmugavel to the tune of Rs.1,12,500. It was then claimed that the loan from the Global Trust Bank was taken to the tune of Rs.33,300 and, lastly, the shares were purchased out of the amount of Rs.14,272, which was the personal savings of the assessee. In so far as the second amount is concerned, there does not seem to be any dispute. However, in so far as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egarding the sum of Rs.1,12,500, allegedly raised from R.S.K. Shanmugavel, and we agree with the reasons thereof. So also, the Tribunal has given good reasons to disbelieve the story of the persona savings on account of the contrary statements of the father-in-law of the assessee. We do not find any error of law, much less a substantial error of law in the matter and, therefore, would proceed to d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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