1981 (1) TMI 144

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndisclosed sources. 2. The facts are that the assessee in the HUF earning income from business. According to the ITO during the year under consideration the assessee completed the construction of his ancestral house and part from construction of his house he also purchased a building for Rs. 18,000. The ITO further observed that in addition to the cost of building at Rs. 18,000 the assessee pai....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he cost comes to Rs. 14,564 in respect of ground floor, Rs. 10,468 for first floor and Rs. 252 for Balcony. Thus total comes to Rs. 25,274. The ITO also estimated and cost of construction of lavatory, sanitary wares and electric fittings at Rs. 2,527. As such he worked out the cost of construction at Rs. 27,801 and after allowing a deduction for self supervision charges at Rs. 2,343 he arrived at ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Though the ITO referred to only Rs. 56,000 in his assessment order and out of this according to the assessee he invested Rs. 39,500 on the construction and purchase of the building and as such the investment stands explained. But the ITO, not accepting the explanation furnished by the assessee, added back a sum of Rs. 23,308 as income from undisclosed sources. 3. In appeal the AAC sustained the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed, then the availability of some stock cannot be ruled out and that the stock of Rs. 16,000 which was available with the assessee as per the stand taken by him for the asst. yr. 1976-77 while it was seen that the authorities below have not considered this aspect of the matter while making the addition of Rs. 23,308. This availability of stock of Rs. 16,000 is further supported by the assessee for....