1968 (12) TMI 6

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....ree connected applications under section 256(2) of the Income-tax Act, 1961. Messrs. Ram Achal Ram Sewak, Akbarpur, are the assessees. The Income-tax Officer, Faizabad, noticed that the assessees had made deposits in a number of banks from the year 1959-60 to the year 1965-66. These deposits were treated by the Income-tax Officer as the assessees' income from undisclosed source. Assessment was mad....

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....oner of Income-tax, U.P., has, therefore, filed the present applications under section 256(2) of the Act. The short question raised in the present applications is whether the deposits made by the assessees in various banks from year to year could be set off against the extra profit added during previous years. In Kuppuswami Mudaliar v. Commissioner of Income-tax, it was held by the Madras High ....