1984 (2) TMI 170

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... under s.69 of the IT Act, 1961(hereinafter referred to as the Act). The appeal is opposed by the Department. 2. For the asst. yr. 1974-75 the assessee showed his total income at Rs. 7,000. In a statement appended to the said return he showed a sum of Rs. 59,860 as the opening balance and also gave the details of acquisition of this amount of Rs. 59,860. By the assessment made under s. 143(3) o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Being aggrieved by the said decision of the AAC the assessee preferred this appeal which is opposed by the Department. 4. In the grounds of appeal an objection was taken that the assessee was not granted reasonable opportunity of hearing of the appeal before the AAC. This contention, if accepted, would have lead us to restore the appeal to the file of the AAC. But it is seen that the assessment....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the admission of a party cannot be accepted in part while rejecting the other part of the same admission. In the instant case also the ITO could not accept the part of the statement of the assessee that he had the amount of Rs. 59,850 at the beginning of the assessment year, if he declined to accept the other part of the same statement how this amount was acquired by the assessee? If he wanted to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ments and is not able to explain satisfactorily the nature and source of the investments. But in the instant case there is no allegation or poof that the assessee has made investments to he extent of Rs. 59,660. So the presumption under s. 69 of the Act was not available to the ITO. We make it clear that we do not record any opinion whether the assessee was in possession of a sum of Rs. 59,860 at ....