1982 (6) TMI 114 - AT - Income Tax

Summary

The appeal was filed by the assessee against the AAC's order for the assessment year 1976-77. The ITO had made a best judgment assessment, including deemed income of Rs. 7,981 from undisclosed sources. The assessee argued that the deemed income was unjustified as it was not a fresh investment but part of existing capital. The ITAT Delhi-E allowed the appeal, directing the exclusion of Rs. 7,981 from the assessment.