TMI Blog1992 (2) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal ought to have held that, as the Revenue authorities had failed to show that the funds for the purchase of the trucks came from tile assessee, the income from the said trucks could not be included in the assessee's income ? 4. Whether, on the facts and in the circumstances of the case, the Tribunal ought to have held that the mere rejection of the statements made by the persons in whose names the trucks were registered, could not lead to the conclusion that the assessee was the owner of the trucks ? 5. Whether, on the facts and in the circumstances of the case, there was any material before the Tribunal to hold that the assessee had enjoyed the income from the trucks in question ? 6. Whether the Tribunal's finding that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion No. 4 in the negative and against the assessee, question No. 5 in the affirmative and against the assessee, question No. 6 in the negative and against the assessee and question No. 7 in the negative and against the assessee. So far as question No. 8 is concerned, the facts are as follows: In the previous year relevant to the assessment year 1965-66, namely, Samvat Year 2020, the assessee was carrying on a business in French polish, thinner, eau-de-cologne, etc. It was, however, the assessee's case that he stopped carrying on this business from Samvat Year 2021 previous year relevant to the assessment year 1966-67. A search was conducted at the residential and business premises of the assessee as well as one Vasant S. Shah. It was fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances obtaining in this case, as well as the fact that Shri Vasantlal S. Shah was rendering services to the assessee in this activity for a slice in the profit, it would be fair and reasonable to estimate the sales at Rs. 5 lakhs and adopt the net profit rate of 10%. The I.T.O. is, therefore, directed to modify the assessment accordingly. " It is clear from the observation made by the Tribunal that it had not come to a firm conclusion that the assessee was dealing in illicit liquor and that he had income from the business in illicit liquor. In fact, the Tribunal observed to the effect that it was difficult to ascertain the real truth of the matter. No estimate of income, alleged to have been derived from the business in illicit liquo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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