1946 (1) TMI 15

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....e-tax Tribunal to state a case and formulate questions for the opinion of this Court. It arises in the following circumstances. The year of account in question is 1940-41. The assessee made a return to the Income-tax Officer in which he included, as income under other sources (Section 12), "speculation Rs. 365-8.0." On being asked to justify that amount, he was totally unable to do so although in ....

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....money, were entirely in the assessees hands and he gave no information and there was no evidence from whom or from where those moneys had been received, nothing beyond his own ipse dixit. Eventually, after appeal by the assessee to the Appellate Assistant Commissioner, an assessment was made at Rs. 26,590 upon the above amounts representing about 1/3rd of the credits. This assessment was made purs....

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.... would express it, he withheld that information. There being nothing before the Income-tax Officer, so far as the sources of those receipts were concerned, he was obliged to act under the provisions of Section 13 and in doing so he has allowed 2/3rd of the total amount of the credits towards, what might be called, expenses and made an assessment upon 1/3rd. He was doing the best that he ....