1978 (3) TMI 71

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ribunal, Indore, seeking an answer to the question : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in deleting the addition of Rs. 71,977 as the income of the assessee from undisclosed sources, holding the same to be covered by the intangible addition made to the income of the assessee in the past ? " The facts found by the Tribunal are that ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ose goods on his own in the name of the firm and had sold them all in his individual capacity and that the profit earned in those transactions as well as the amount invested therein belonged to Omprakash. The ITO after making an inquiry into the claim of the assessee rejected the version of the assessee and made an addition of Rs. 71,977 as the income of the assessee from undisclosed sources. I....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the two partners of the assessee-firm could reasonably be met from out of their rental and agricultural income coupled with the withdrawals effected by them in the four immediately prior assessment years 1966-67 to 1969-70. It further held that the intangible addition of Rs. 76,210 made to the shown income of the assessee in the assessment years 1966-67 to 1969-70 could reasonably be available ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the assessee placed reliance on a decision of this court in Misc. Civil Case No. 352 of 1970 (CIT v. Shri Dinanath Dhawale) decided on April 4, 1972, at Jabalpur. A Division Bench of this court in that decision held that the additions by the ITO in the assessments of the previous years of the assessee were on the basis that he had earned larger income than what was shown and that he had in fact e....