TaxTMI 
TaxTMI 
1981 (12) TMI 48
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....ard to the total income assessed and the additions as made by the ITO in the original assessment are set out here under. . 1962-63 1963-64 1965-66 T.I. Assessee 13,29,572 1,44,302 94,125 Additional bogus hundies 8,75,000 — 75,000 Cash credits 3,42,200 — — Hundi interest 72,133 40,871 — G.P. addition — 50,007 — Thereafter the assessee filed appeals before the AAC who set aside the assessments by this order dt. 24th Feb., 1969, 27th Feb., 1969 and 24th July, 1970 respectively. The main reason for which the AAC had set aside the assessments was that adequate opportunity was not granted to the assessee to explain various Hundi loans which were treated as income from undisclosed sources for the respective ye....
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....e additions as made by the ITO w.r.t. the book balance which was determined in the earlier years in regard to unverified hundi loans and the found that the book balance reached in the earlier years was sufficiently high. He also found that in the earlier years similar hundi loans were examined and majority of them found to be genuine. Therefore according to the Commr.(A) there was no case for making addition of Rs. 5,42,000 on account of unverifiable hundi loans. He therefore deleted the addition for the asst. yr. 1962-63. 5. For the asst. yr. 1963-64 the CIT (A) following his decision in regard to the hundi loans as stated earlier held that there was no case for making addition of Rs. 1,45,000. He also deleted the addition in regard to g....