TMI Blog1946 (1) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... following circumstances. The year of account in question is 1940-41. The assessee made a return to the Income-tax Officer in which he included, as income under other sources (Section 12), speculation ₹ 365-8.0. On being asked to justify that amount, he was totally unable to do so although in the return, the income is set out to an exact anna. The Income-tax Officer, or an examination, fou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce from whom or from where those moneys had been received, nothing beyond his own ipse dixit. Eventually, after appeal by the assessee to the Appellate Assistant Commissioner, an assessment was made at ₹ 26,590 upon the above amounts representing about 1/3rd of the credits. This assessment was made pursuant to Section 13 of the Act which, in effect, authorises the Income-tax Officer to estim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so far as the sources of those receipts were concerned, he was obliged to act under the provisions of Section 13 and in doing so he has allowed 2/3rd of the total amount of the credits towards, what might be called, expenses and made an assessment upon 1/3rd. He was doing the best that he could in the circumstances. If the assessee had not withheld all information but had produced some evidence re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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