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TMI Blog1990 (7) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax Act, 1961 (hereinafter referred to as "the Act"). Despite valid service of notice, the assessee has not entered appearance. The assessee is the Project Engineer (Mech.) of Orissa Construction Corporation Ltd. He purchased some National Savings Certificates for the assessment year 1985-86 and claimed deduction of the same under section 80C(2)(d) of the Act. During the assessment proceeding, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from out of the fixed deposits for the previous years and, in respect of the National Savings Certificates of Rs. 3,000, they came from the gifts to the children of the assessee. Considering the fixed deposits in earlier years, the Tribunal held that it cannot be said that the fixed deposits were not out of the income chargeable to tax of this year specially when there is no evidence of suggestio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can safely draw the conclusion that the assessee who is a salaried person was putting amounts received by him to the common fund. It cannot be ruled out that the money received, from fixed deposits was being spent by him and money received from salaries was invested in National Savings Certificates. A wrong explanation by an assessee who is an engineer, ignorant of the niceties of tax law, ought ..... X X X X Extracts X X X X X X X X Extracts X X X X
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