1983 (1) TMI 21

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.... J.-In the account books of the assessee-company for the previous year relevant to the assessment year 1959-60 there were cash credits totalling Rs. 3,36,000. This amount was added as income of the assessee in the said assessment year. In appeal, the AAC found that cash credits amounting to Rs. 2,50,000, out of the total cash credits of Rs. 3,36,000, fell within that part of the financial year whi....

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....ear 1959-60 and not in the assessment year 1958-59. The AAC, therefore, cancelled the assessment made by the ITO. This view of the AAC was confirmed by the Tribunal. Arising out of this order of the Tribunal, the following question has been referred under s. 256(1) of the I.T. Act, 1961 : " When the completed assessment for 1958-59 is reopened by notice issued by the Income-tax Officer under se....

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....o hear the reference. Mr. Joshi, appearing on behalf of the Revenue, has invited our attention to the decision of the Supreme Court in Govinddas v. ITO [1976] 103 ITR 123, in which, construing the provisions of s. 297(2)(d)(ii), the Supreme Court has held that the words " all the provisions of this Act shall apply accordingly " in that provision merely refer to the machinery provided in the new....

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....ssessee maintained for any previous year and the assessee offers no explanation about the nature and source thereof, or the explanation offered by him is not in the opinion of the ITO satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. That is why the AAC and the Tribunal have taken the view that the addition should have been made in ....