TaxTMI 
TaxTMI 
1979 (7) TMI 118
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....the asst. yr. 1977-78. 2. The only ground in this appeal states that the AAC erred in deleting the addition of Rs. 17,150 on the basis of new evidence, even though the assessee had shifted his stands for several times. The assessee is a partnership firm. It appears that there was a search at the premises of the assessee on 3rd Feb., 1977 and cash of Rs. 17,150 was found. On the same day, the pa....
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....he ITO issued summons to the four parties. But there was no response. The ITO held that the amount under consideration was not quite satisfactorily explained and so he assessed the same as the assessee's income from undisclosed sources. 3. The assessee appealed to the AAC and urged that the explanation given before the ITO should have been accepted as satisfactory. It was explained that the sum....
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....deed withdrawals of Rs. 5,000 in the account of each of the four parties a day or two before the search. He was aware that the books of accounts of M/s. Ramanlal & sons were not produced before the ITO. He therefore, allowed the said books to be examined by the ITO before he himself went through them. As he was satisfied that the cash under consideration did not belong to the assessee but actually....
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....he urged that this explanation was known to the ITO and it was nothing new. The assessee could not produce these books of accounts before the ITO and it was nothing new. The assessee could not produce these books of accounts before the ITO due to lack of adequate opportunity and so they were produced before the AAC to substantiate the earlier explanation. 5. We have considered the contentions o....