1990 (8) TMI 83

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....he Income-tax Act, 1961 (hereinafter referred to as "the Act") on the following question of law: "Whether or not, under the facts and circumstances of the case, the Tribunal was justified in sustaining the addition of Rs. 53,500 made under the head 'Income from undisclosed Sources' on the ground that the money was not spent by the two sons in their individual capacity ?" The assessee is a Hi....

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....d : "It is reasonable to presume that the source of purchase of money has flown from the family funds." Mr. S. N. Ratho, learned counsel for the assessee, submitted that there is no presumption in law that property standing in the name of individual members has been purchased from out of the joint family funds. In this case, the two sons in whose names the property stands have clearly assert....

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....ive a chance to the assessee to explain the materials against him. When the assessee filed the affidavits of the sons, it was obligatory for it to file clear acceptable materials wherefrom only the inference could have been drawn that the two sons purchased the properties from their own funds. This fact was within their knowledge. Non-disclosure of fact which is within their knowledge makes those ....