TaxTMI 
TaxTMI 
1989 (4) TMI 30
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....sessment year 1955-56 ? (2) Whether the finding of the Appellate Tribunal is a reasonable one to take on the facts and in the circumstances of the case ?" The assessee is an individual and the reference relates to the assessment year 1955-56. In the course of the assessment proceedings, the Income-tax Officer found that the assessee deposited on June 8, 1954, and June 10, 1954, two sums of Rs. 50,000 each, that those amounts were withdrawn on January 29, 1955, and March 2, 1955, respectively, and advanced to the late Bajranglal Bhuwalka, who introduced the same in the books of Rambilas Nandlal in his own name on the same dates. The asses see was unable to place any evidence regarding the aforesaid amounts and she also did not maintain....
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....ate Assistant Commissioner dealt with the utter improbability of such a case and concluded that the assessee could not have had in her hand any sum as on March 31, 1953, for deposit in the year in question. In that view, the Appellate Assistant Commissioner dismissed the appeal. On further appeal to the Tribunal, it took the view that the Income-tax Officer could have assessed the amount of Rs. 1 lakh in the hands of the assessee for the assessment year 1953-54 and having omitted to do so, he cannot attempt to assess this amount for the assessment year 1955-56 as income of the assessee from undisclosed sources and in that view, deleted the addition of Rs. 1 lakh. That is how the matter has come up before this court for its opinion on the qu....
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.... evidence not warranting any interference. We may observe that the assessee has not been able to place any material in support of the stand that a large amount of cash amounting to nearly Rs. 1.35 lakhs was available with her on March 31, 1953, relevant to the assessment year 1953-54. The so-called balance sheet as on March 31, 1953, could not in any manner assist the assessee, for, the statements therein had not been supported by any books of account. Indeed, the Tribunal, in para 4 of its order, has referred to the non-maintenance of accounts by the assessee and it was only on account of this, that the Appellate Assistant Commissioner discredited the so-called balance-sheet. Even in the letter addressed by the assessee, as late as Dece....
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....Rs. 1.35 lakhs during the assessment year 1953-54 or 1954-55 and it is only during the accounting year relevant to the assessment year 1955-56 that the amount had surfaced in the form of an investment and necessarily, therefore, steps for its assessment could be taken-only during the assessment year 1955-56. Therefore, the view taken by the Tribunal that the amount of Rs. 1 lakh could not be assessed in the hands of the assessee in respect of the assessment year 1955-56 is plainly erroneous on the findings recorded by the Tribunal with reference to the failure of the assessee to prove possession of cash as on March 31, 1953, and also as on March 31, 1954. We are unable to agree that there was any lapse on the part of the Income-tax Officer ....