TaxTMI 
TaxTMI 
2013 (7) TMI 523
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....l investment was of Rs.50,000/-. A survey under Section 133A of the Act was conducted on 29th October, 1997. Thereafter the assessee filed return of income for the assessment year on the same day. During the course of scrutiny proceedings, the Assessing Officer obtained the copy of account of the assessee as appearing in the books of the creditors and noticed that the balance at the end of the year as shown by the assessee was different from the balance shown by the parties. The assessee was required to reconcile the difference in the accounts of the creditors. In response to the query, the authorized representative of the assessee who was appearing before the Assessing Officer stated that the assessee and her husband were both absconding. ....
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....epresented unexplained difference in account of creditors. Similarly trading the addition of Rs.25,000/- was restored back to the file of the Assessing Officer. During the course of fresh assessment proceedings, the assessee moved an application under Section 144A of the Act contending that she has not maintained the books of accounts properly, which has been recorded in the assessment order. She has not recorded sales amounting to Rs.19,67,702/-, which was available for payment to the sundry creditors. If the gross profit was included, cost of goods sold amounts to Rs.18,00,000/-. The assessee being a benami be absolved of all demands and the husband of the assessee should be made liable. The Additional CIT vide his directions under Sectio....
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....ed order passed requires to be set aside. The Tribunal re-appreciated the entire evidence on record and took note of the particulars given by the various creditors and held that the assessee cannot be believed and her contentions are without any substance. Therefore, it dismissed the appeal. Aggrieved by the said order, the present appeal is filed. 3. The substantial question of law that arises for consideration in this appeal is as under: "Whether Section 68 of the Act applies only to cash credit?" 4. Learned counsel for the assessee contends that it is clear from the heading of Section 68 of the Act. Where any sum is found credited in the books, it necessarily means a cash credit and it has no application to a credit....
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....retation of the clauses ranged under it, unless the wording is inconsistent with such interpretation. The headings might be treated as preambles to the provisions following them. Though the Court is entitled to look at the headings in an Act of Parliament to resolve any doubt, they may have as to ambiguous words, the law is clear that those headings cannot be used to give a different effect to clear words in the section where there cannot be any doubt as to the ordinary meaning of the words. The title of a chapter be legitimately used to restrict the plain terms of an enactment. The headings prefixed to sections or entries cannot control the plain words of the provision; they cannot also be referred to for the purpose of construing the prov....