TMI Blog1983 (4) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... law referred are as follows: " (1) Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that section 68 and not section 69 was applicable and on that basis in upholding the addition of Rs. 32,851 in the assessment year 1973-74 ? (2) Whether, on the facts and in the circumstances of the case, the finding of the Tribunal that though the Income- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined the addition to the extent of Rs. 32,851. The same view was taken by the Tribunal. The argument of the learned counsel for the assessee is that s. 69 is applicable in this case and s. 68 which has been applied by the Tribunal is not applicable. It is also argued that when the entry is in the beginning of the accounting year, it was not possible to hold that the assessee was able to make tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment year 1973-74. Section 68 was clearly applicable here and s. 69 was not applicable. There are a number of cases in which it has been held that even in a case where the amount is credited in the books of the assessee on the very first day of the accounting year and the explanation offered by the assessee is not accepted, such amount is assessable as the income of the assessee of the account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Tribunal, there is no finding on this point in the assessment orders of the earlier years and it cannot be assumed that the ITO in making the assessments for the earlier years has accepted the growth of capital as shown in the statements annexed to the returns. Had there been any specific finding on that point, the matter may have been different. In the absence of any finding or examination ..... X X X X Extracts X X X X X X X X Extracts X X X X
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