1935 (12) TMI 35

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.... Was there any material for the finding of fact that the accounts tendered by the assesses were not a true and complete record of his business transactions? 2. The assessee Nathu Ram is a money lender and, if we were to accept the arguments of his counsel, a philanthropist. The figures supplied by him show a capital of Rs. 1,09,871 in cash which produced in the year of the assessment a ne....

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....lso found that the assessee usually accepted on his notes the principal advanced only, giving up interest altogether. He cites two instances, a note or notes for the sum of Rs. 3,366 on which no interest was received when the capital was paid off, and the renewal of notes for Rs. 4,883 without any payment of interest being shown in the books and without any interest being added to the capital sum ....

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....by the learned Counsel, though we do certainly agree with his contention that the procedure of the assessing authority is a judicial one and that he ought to act on evidence. But in our opinion in a case such as this, where money is brought into cash account, he has the right to require a satisfactory explanation of how and why it came in; and in the absence of a satisfactory explanation or if he ....