1968 (12) TMI 6 - HC - Income Tax

Assessee s bank deposits were treated by the Income-tax Officer as the assessee s income from undisclosed source - tribunal decided in favour of assessee - Tribunal was justified in allowing the appeals - appellate decision of the Tribunal does not raise any question of law

Summary

The High Court of Allahabad dismissed three connected applications under section 256(2) of the Income-tax Act, 1961. The applications concerned whether deposits made by the assessees in various banks could be set off against extra profits added in previous years. The Tribunal allowed the appeals, stating that the deposits could be explained by the additional income assessed in previous years. The Court upheld the Tribunal's decision, stating that no error of law was found.