TMI Blog1965 (10) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... ) was moved in the High Court on April 15, 1952, and that petition was disposed of on December 11, 1957. This court was then approached for special leave on March 31, 1958, and the printed record which runs into no more than 81 pages was sent by the High Court to this court in 1964. The High Court, as we have already stated, called for a statement of the case in respect of one question, and we are informed at the Bar that the reference is still pending. These proceedings relate to assessment for the year 1945-46. More than twenty years have elapsed since the end of the year of account and more than fourteen years have gone by since the Tribunal disposed of the appeal. It is a matter of regret that the end of assessment proceedings is not ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of opinion that there is no justification for making this addition....There is nothing improbable in the assessee selling the gold ornaments for the purpose of paying the speculation losses. They were sold, according to the books, in 4 or 5 lots. We would, therefore, direct that the addition of Rs. 85,137 may be deleted." The appellant then applied under section 66(1) of the Indian Income-tax Act, 1922, for reference of the following questions to the High Court of Judicature at Allahabad : " (i) Whether there is any evidence on record to justify the finding of the Tribunal that the assessee failed to prove that they had suffered speculation losses to the tune of Rs. 1,58,080 ? (ii) Whether the loss suffered by the assessee in specu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal held that the appellant failed to prove that it had suffered losses in speculative business in the year of account amounting to Rs. 1,58,080. The case of the appellant about the losses in speculation was disbelieved, because (1) the appellant failed to produce a copy of its account with the brokers and admitted not to have maintained a sauda nondh for the purpose of the speculative transactions, (2) that the appellant did not maintain any proper accounts for its speculative business, (3) that " there was no guarantee " that the appellant had produced all ankdas, and (4) that in the cash book of the appellant there were many cash credits which were not satisfactorily explained. The burden of proving that the appellant had suffere ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
