TMI Blog1990 (8) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... the following question of law has been referred to this court : "Whether, on the facts and in the circumstances of the case and having regard to the fact that the assessee-company claimed before the Income-tax Officer that the unexplained deposits represented short-term loans advanced by one M/s. Hukumchand Santalal of Post Office Sonada, Darjeeling, the Tribunal was justified in holding that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... " Kayah " in the assessee's tea garden books. The entire account has been annexed to the relevant assessment order as annexure "A". The account reflected income and outgoing of cash from January 25, 1973, to December 31, 1973, leaving a credit balance of Rs. 51,717.67 which was carried forward. The assessee, according to the Income-tax, Officer, did not comply with his requisition for proving the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and outgoing of the cash which was calculated at Rs. 1,28,369 and the said amount was treated as assessed income from undisclosed sources. The assessee preferred an appeal before the Commissioner of Incometax (Appeals) who held as follows : " In the light of the Calcutta High Court's decision in the case of Daulatram Rawatmull v. CIT [1967] 64 ITR 593, the contentions of the learned representati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uphold the decision taken by the Commissioner (Appeals). " A similar question came up before this court in 1. T. Ref. No. 5 of 1984 ( CIT v. Hasimara Industries Ltd. ), where the judgment by this Bench was delivered on July 25, 1989. There, the Bench, after considering the decision in Daulatram Rawatmull v. CIT [1967] 64 ITR 593, observed as follows : " There is no dispute as to the fact that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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