TaxTMI 
TaxTMI 
1986 (8) TMI 108
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....-opened the assessment completed under s. 143 for the asst. yr. 1975-76, under s. 147(a) of the IT Act, 1961 and called upon the assessee to explain the said investment of Rs. 20,000. According to the assessee he had saving of about Rs. 27,940 out of the salary income of Rs. 1,18,783 during the financial years from 1962-63 to 1974-75. Out of that saving he had invested Rs. 3,375 in shares he had b....
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....ot have so much saving particularly when he was in fact assessed to the total income of Rs. 1,18,784 in the assessment years relevant to the financial years 1962-63 to 1974-75. He, therefore deleted the addition and consequently cancelled the penalty. 4. Aggrieved by the said order of the AAC the Department has come up in appeal. Contention of ld. departmental representative is that the assessee....
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....nsel for the assessee on the other hand contended that the tax authorities below did not question his estimate of the house-hold expenditure and the ITO discarded his explanation on the mere ground that the said amount of cash in hand was not deposited in the bank. It is also the contention of ld. counsel that what amount should be deposited in the bank and what should be kept as cash in hand depe....