TaxTMI 
TaxTMI 
1978 (10) TMI 86
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....e the subject of appeal before us. 3. The first addition made by the ITO was of an amount of Rs.26,586. The ITO observed that during the accounting years ended 31st March, 1974 it was seen from various statements filed by the assessee that he had made total deposits in various banks aggregating to Rs.26,586 in his name and in the name of his daughter Zeenath. The assessment order observes that since no evidence was adduced regarding the source the amount would be assessed as undisclosed income. 4. In appeal, the assessee submitted before the AAC that part of the deposits was out of current year's income and further part of the deposits was out of withdrawals from earlier deposits and, therefore, no addition should have been made. 5. The ....
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.... Sd/.............. (Branch Manager)" In view of this he contended that there was no further explanation required for the source of Rs. 20,000. Regarding the balance since it was only about Rs. 6,500 he stated that it was made out of current income. 9. The learned Departmental Representative submitted that the allowance for current income given by the AAC at Rs. 18,000 is excessive since the expenditure of the assessee would have been much more than Rs. 14,000 as envisaged by the AAC. 10. We have set out the break up of the different components of Rs.26,586 which has been brought to tax by the ITO. One of these items is Rs. 20,108.83. we have looked into the Income-tax records and we find that this is the deposit in State Bank of India ....
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....sit of Rs. 15,700 is already included in the bank deposit of Rs. 38,373 admitted. Since no satisfactory evidence has been adduced regarding the above contention and since there is no income derived by the assessee's wife besides interest on deposit the postal deposit of Rs. 15,700 in the name of the wife will be treated as deposits made by the assessee and will be treated as deposits made by the assessee and will be assessed as income from undisclosed sources Rs. 15,700". 12. In appeal, the AAC deleted the aforesaid addition stating that the balance was in savings bank account and it could be considered that this was balance shown by the assessee though the assessee had used the word "deposit in post office" in filing a statement. 13. The....