1971 (9) TMI 17

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gh Court of Kerala in Income-tax Referred Case No. 11 of 1967 on its file. The facts of the case lie within a narrow compass. The assessee carried on business as tin fabricator and oil miller. For the previous year ending on December 31, 1959, he returned an income of Rs. 52,280. One Mohideen Kunju was managing the affairs of the assessee. The assessee had obtained key loans and over-drafts from....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... between himself and Mohideen Kunju had become strained ; hence he is unable to explain the discrepancy. In view of that explanation the Income-tax Officer brought to tax Rs. 31,858.78 as income from undisclosed sources. About that assessment, there is no dispute. After bringing to tax the said amount, the Income-tax Officer proceeded to levy penalty on the assessee on the ground that he had delib....