1982 (6) TMI 115

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....r concerned. Financial year is the previous year. Assessee is an Individual. ITO made out a best judgment assessment as per order dated 15th January, 1979 determining total income at Rs. 18,927, as against declared income of Rs. 10,947. Assessee deals in garments. In the said assessment, ITO included deemed income of Rs.7,981 in terms "Investment made by the assessee treated as the income from und....

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....id year as being savings from income. Though said addition of capital is more than amply covered by the drawings amounting to Rs. 6,990 made by the assessee during the year under consideration, the ITO added said sum of Rs. 500 also as being unexplained investment of the assessee. That was not justified in the facts of the case. So far as the opening balance of Rs. 7,481 is concerned, that figure,....