1980 (9) TMI 240

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.... a batch of appeals, is whether the petitioner was only a broker acting on behalf of M/s. Sudarsan Oil Mills and Saibaba Ginning Factory, or whether he was doing business himself buying and selling groundnut and cotton-seeds, etc.? The petitioner was not a taxpayer prior to 31st October, 1969, and was not even a registered dealer. In the course of a search conducted on 31st October, 1969, the authorities recovered 10 account books and six bundles of account slips from the residence of the petitioner. The above material disclosed the business dealings carried on by the petitioner during the assessment years 1963 to 1969. After consideration of the material available in the account slips and account books, the assessing authority came t....

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.... gave some relief. In the result, the Sales Tax Appellate Tribunal confirmed the order of the Assistant Commissioner in some cases and gave some relief in other cases. The petitioner has preferred these revision cases as stated earlier as against the decision of the Tribunal in T.A. Nos. 338, 340, 342, 344, 346, 348 and 350 of 1976. Sri I. Venkatanarayana reiterated the contention that the petitioner was only a broker and the transactions which were noted in the account slips and account books were not transactions of sale and purchase by the petitioner for himself. We have gone through the order of the Tribunal. The Tribunal has given cogent reasons for coming to the conclusion that they represent individual transactions of sale and pur....

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....e Tribunal and it also came to the same conclusion. Therefore the decision relied upon by the petitioner's learned counsel has no application. On the other hand, as observed by Sri Venkatarama Aiyar, J., in Govindarajulu Mudaliar v. Commissioner of Income-tax[1958] 34 I.T.R. 807 (S.C.)., it is well-settled that where an assessee fails to prove satisfactorily the source and nature of certain amount of cash received during the accounting year, the Income-tax Officer is entitled to draw the inference that the receipts are of an assessable nature. On the same analogy, the petitioner who came forward with a definite case that the transactions represented by the entries in the account slips and account books are the brokerage transactions, failed....