1978 (9) TMI 110

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the course of assessment proceedings for the asst. yr. 1974-75, the accounting period ended on 31st Mar., 1974, the ITO noticed cash credits of Rs. 20,000 on 1st May, 1973 in the name of K. Periaswamy Konar. The assessee stated before the ITO that the creditor advanced the said sum from the compensation received from the Government by sale of ancestral lands. The ITO probing into the facts came to....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITO did not accept the explanation of the creditor and holding that the same was only an after-thought, added back the sum of Rs. 20,000 as the assessee's income from other sources. 2. When the assessee appealed to the AAC, the latter held that considering the fact that the amount to the extent of Rs. 9,600 was available with the assessee for investment being sale proceeds of land, that amount ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....scharged the onus of proof on his part and there were no materials for the department to warrant its partial rejection. Reliance was placed upon the decision of the Calcutta High Court in Orient Trading Co. Ltd. vs. CIT(1) and also in 114 ITR 94. Revenue adopted the arguments of the lower authorities to support their conclusion by stating that the department had made full proof for the addition. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... owner of a sum of money even though the explanation furnished by him regarding the source of that money is found to be not correct. From the simple fact that the explanation regarding the source of money furnished by A, in whose name the money is lying in deposit, has been found to be false, it would be a remote and far fetched conclusion to hold that the money belongs to B. There would be in suc....