1983 (3) TMI 22

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....61, referring for our answer the following question of law : " Whether, on the facts and circumstances of the case, the unexplained investment and the unexplained possession of money to the extent of Rs. 20,000 could be subjected to tax in the hands of the assessee during the A.Y. 1973-74 ? " The reference relates to the assessment year 1973-74. The relevant previous year of the assessee was....

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....of Rs. 6,000 only, and he was unable to explain the source of Rs. 20,000 which he showed in his possession on 18th October, 1971. The investments of Rs. 2,900 and Rs. 14,000 were made out of this amount of Rs. 20,000 and it is this amount of Rs. 20,000 which has been added as the income for the assessment year 1973-74. The argument of the learned counsel for the assessee is that having regard t....

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....books of account or the assessee is found to be the owner of any money which is not recorded in the books of account. In the instant case, the provision which appears to be applicable is s. 69A, because unexplained money amounting to Rs. 20,000 was found in the possession of the assessee on 18th October, 1971, on the basis of a statement which he submitted along with the return for the year 1972-7....