2001 (7) TMI 997

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....lal Chitlanjsa of Nepal opend a joint account in SBI, Jogbani Branch and deposited a sum of Rs. 1,23,700 there in financial year 1991-92 relevant to the assessment year 1992-93. The Branch Manager of the said bank passed on this information to the taxing authorities, when called upon to do so under the provisions of sub-section (6) of section 133 of the Income-tax Act, 1961 (in short the Act). For....

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.... This led the Revenue to prefer a second appeal to this Tribunal under the provisions of section 253 of the Act, claiming that the order of the Commissioner (Appeals) is not sustainable under the provisions of law. 2. When appeal came up for hearing Shri S. Ghosh, Ld, D.R. made his submission of behalf of the Revenue. Shri T.B.S. Jain, Advocate advanced his arguments on behalf of the assessee. ....

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....6 decided on 19th July, 2001, wherein we formed an opinion that two modes of assessment are contemplated, one by the provisions of section 69 of the Act and the other under the provisions of Article 21 of DTAA and unexplained investment may be deemed to be the income of the assessee under the provisions of section 69 of the Act, which mode is based on legal fiction while the mode provided by Artic....