1976 (9) TMI 64

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....essee, a Hindu undivided family, had been dealing in kirana goods for the last few years. The assessee started maintenance of account books from 1st Jan, 1965 when it introduce a cash entry of Rs. 30,000. The Income-tax Officer asked the assessee to explain this amount. The explanation furnished by the assessee was that it had been doing business of cycle parts and money leading at Ahmedabad and l....

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....only to make an estimate about the probable savings during the past several years keeping in view the nature of the business carried on by the assessee. It does not appear from the record that the assessee was ever a very flourishing businessman or something more than a petty dealer in cycle parts or kirana material. If at all, the estimate is on the liberal side and there is no substance in this ....

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....fficer. The explanation given by the karta of the assessee that due to his old age and also the distance between Baitalpur and Ahmedabad, he was unable to produce all the evidence about his business at Ahmedabad in a short time before the Income-tax Officer, was accepted by the Appellate Assistant Commissioner and under Sub-R. (4) of R. 46A the Appellate Assistant Commissioner had the power to dir....