1982 (6) TMI 115 - AT - Income Tax

Summary

The appeal was filed by the assessee against the AAC's order dated 16th November 1981. The assessment year in question is 1976-77. The ITO 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 the closing capital from the previous year. The ITAT Delhi-E allowed the appeal and directed the exclusion of Rs. 7,981 from the assessee's assessment.