1971 (11) TMI 50

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....?" The reference relates to the assessment year 1958-59 corresponding to the accounting year ending with August 16, 1957. In the course of the examination of the accounts for the year ending August 16, 1957, the Income-tax Officer found the following cash credits : Rs. 30-7-1957---Travancore Forward Bank Ltd. 20,000 23-4-1957---Cash credit in favour of Shop No. 1 at Kayamkulam 4,000 19-4-1957---Cash credit in favour of Shop No. 14 at Kayamkulam 1,000 In the order of assessment the Income-tax Officer after rejecting the explanation of the assessee treated the sums as undisclosed income. There was an outbreak of fire in one of the shops of the assessee at Kayamkulam, and he received from the insurance company Rs. 1,....

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....ould not have been available for such introduction. Moreover, the explanation itself is not altogether so impossible as to lead to the only conclusion that it represented the income of the year. The assessee had paid Rs. 43.62 by way of discounting charges for the cheque. Merely because this particular amount was not traceable in the total debit, the assessee's case cannot be thrown out at least in these proceedings. We are also not satisfied that there was any concealment in respect of the sum of Rs. 17,355." The view taken by the Tribunal is in accordance with the decision in Commissioner of Income-tax v. Gokuldas Harivallabhdas, which has been approved by their Lordships of the Supreme Court in Commissioner of Income-tax v. Anwar Ali ....