1989 (3) TMI 112

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....he court was delivered by GOKAL CHAND MITAL J. -In spite of service, nobody has appeared on behalf of the assessee. Accordingly, we proceed to decide the reference ex parte. In the assessment proceedings relating to the assessment year 1969- 70, the Income-tax Officer found cash credits in the account books of the assessee from six persons to the tune of Rs. 17,200. The Income-tax Officer do....

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....t produce any evidence whatsoever in support of the genuineness of the disputed credits. On further appeal, the Income-tax Appellate Tribunal deleted the penalty on the reasoning that the onus to prove that the disputed amounts represented the taxable income of the assessee and that the assessee had concealed the same, was on the Department which the Department failed to discharge. It further held....

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....following three presumptions have to be raised as held by a Full Bench of this court in Vishwakarma Industries v. CIT [1982] 135 ITR 652 (headnote) : " (i) That the amount of the assessed income is the correct income and it is in fact the income of the assessee himself ; (ii) that the failure of the assessee to return the correct assessed income was due to fraud ; or (iii) that the failur....