1977 (7) TMI 49

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....he Income-tax Act, 1961, is involved in this reference : " Whether the conclusion arrived at by the Tribunal that the loans in question represented the assessee's income from undisclosed sources was perverse in the sense that no reasonable man could come to the above conclusion ? " The assessee is a private limited company. The assessment year involved is 1962-63 for which the accounting per....

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....isclosed sources. The appeal filed by the assessee was dismissed by the Appellate Assistant Commissioner before whom the assessee could not even establish the identity of those parties. On the facts found by the Income-tax Officer and in those circumstances, the Appellate Assistant Commissioner observed that it could not be held that the alleged loans were genuine. The assessee thereafter fi....