1985 (12) TMI 12

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.... (1) Whether, on the facts and in the circumstances of the case, the addition of Rs. 38,500 sustained in the assessment year 1969-70 is legal and valid ? " In this case, we are concerned with assessment year 1969-70. The assessee was assessed as individual in the assessment proceeding. The Income-tax Officer added a sum of Rs. 38,500. This sum the assessee claimed was not liable to be added to ....

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....opinion in terms of section 256(1) of the Income-tax Act. It is not in controversy that the disclosure made by the assessee had not been accepted. That not having been accepted, the necessary inference would be that the said sum of Rs. 38,500 was income from undisclosed sources. There could be no other conclusion in that regard. The Income-tax Officer, the Appellate Assistant Commissioner and t....