1991 (8) TMI 148

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....e assessed as unexplained investments. The assessee is an individual. Search Under s. 132 was conducted against him on 24th May, 1978. In response to notice under s. 148 the assessee filed returns of his income on 19th March, 1983 disclosing income of Rs. 18,840 including business income. The Assessing Officer on the basis of the seized material noted that the assessee had made investments of (a) ....

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....ed for the year as claimed. He also did not accept the explanation of the assessee with regard to (c). In the circumstances, he made the impugned addiction of Rs. 49,501. He also estimated the assessee's household expenses at Rs. 2,000 per moth. He also treated Rs, 4,000 claimed as savings out of the income returned as unexplained. Thus, the assessment was made at Rs. 77,501 as against the declare....

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....tor. The Department is in appeal. 3. The learned Departmental Representative assailed the order of the AAC and argued that there was no material to come to the conclusion by the AAC that the assessee could have sufficient capital to expain the nature and source of investments. The learned Departmental Representative argued that the assessments framed in the case of the assessee for the asst. yr....

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....ent. The allegation made by the learned Departmental Representative that the returns leading to assessment were filed for the purposes of building of capital would not adversely affect the stand of the appellant. We are also not impressed with the argument of the learned Departmental Representative about the alleged inadequate household expenses shown by the appellant. There is no material on reco....