2004 (7) TMI 18

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....ction 256(1) of the Income-tax Act, 1961 (hereinafter referred to as" the Act") for the opinion to this court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in taking the view that the deposits made by the partners on the first day of the accounting period could not be treated as the income of the assessee from unexplained sources?" Briefly....

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....he three partners who were her daughters-in-law. The money so given was said to have been received by Smt. Dueja Devi from her husband Sankatha Prasad (who died in 1971) and kept at home. However, the Appellate Assistant Commissioner held that the case of the assessee was not substantiated. He, therefore, confirmed the order of the Income-tax Officer. The assessee, being still aggrieved, came u....

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....fered by the assessee regarding the deposit has been disbelieved, the natural corollary is that it should be treated as income of the assessee of that year. He relied upon a Division Bench decision of this court in the case of CIT v. Kapur Brothers [1979] 118 ITR 741 and of the hon'ble Calcutta High Court in the case of C. Kant and Co. v. CIT [1980] 126 ITR 63. From a perusal of the order of th....