1981 (5) TMI 45

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....lure to comply with the notice issued by the ITO with the result an assessment under s. 144 was made. The ITO made three additions which have been disputed. They are — (i) Income from business was estimated at Rs.5,000 as against Rs. 2,850. (ii) Income under s. 69A Rs. 2,540. This was added on the ground that the assessee was in possession of some silver bars, the source of which was not e....

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....00. Having regard to the facts and circumstances of the case, we consider it proper to accept the returned income. (b) So for as the income form unexplained investment under s. 69A is concerned, the same cannot be added in this year at all. Unfortunately both the authorities below have missed one important fact. The addition arose because the Customs Department seized some silver and other artic....