9911796707
TMI Blog1983 (5) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... (1854) 463 . . 3 . . Share Inunexplained investment of the firm M/s Jagat Sons Ram,Delhiand not reflected in the return (11049) 2,762 3,225 . 4 . . 4. In the assessment of the assessee for asst. yr. 1963-64,the WTO besides the aforesaid addition of Rs. 3,225 made the following additions: "In Income-tax proceeding unexplained investments have been assessed at Rs. 37,450. These do not find place in the returned wealth. This will, therefore, be added to this wealth. . 37,450 Assessee is a partner in the firm M/s French India Importing CorporationPondicherryhaving 50% share. In this Income-tax assessment, share of the assessee from the said firm not disclosed to the department was taken at Rs. 30,000.This will also be added to this wealth . 30,000 Assessee is also a partner having 25% share in the firm M/s Jagat Ram Sons Delhi. The case of the firm, concealed business income and income from undisclosed sources has been assessed for the assessment year 1963-64. Assessee s share from that concealed income will also have to be take ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Corpn.,Pondicherry. In the case of that firm also concealed income has been assessed which is not reflected in the wealth-tax return. His share in the concealed income not expended in the said firm will be taken to his net wealth as under : . . Share in income from undisclosed sources 2,312 . Share in concealed business income 35,184 37,496 " 6. In the assessment of the assessee for asst. yr. 1965-66, the assessee in addition to the additions of the Rs. 30,000 of asst. yr. 1963-64 and Rs. 72,102, Rs. 17,600, Rs. 31,780, and Rs. 37,496 of asst. yr. 1964-65 made an addition of Rs. 11,615 by observing as under: "Add : Concealed income from the firm M/s Jagat Sons,Delhifor the assessment years. 1962-63 to 1965-66 not reflected in the returned wealth : . . Rs. . 1962-63 3,225 . 1963-64 3,773 . 1964-65 2,946 . 1965-66 1,671 . . . 11.615" 7. When we come to the assessment of the made to the net wealth as under: assessee for asst. yr. 1966-67, the additions " Additions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his wealth which has not been reflected in the return. Assessee submitted that the amount mentioned in the letter pertain to the additions made in the assessment under IT Act in respect of his individual assessments and in the assessments for the firms, where he is one of the partners. As those additions are still lying unconfirmed due to a stay order dated1st May, 1968issued by theHon ble Superme Courtassessee could not contest the orders before the Appellate Courts. It will be unfair, according to assessee, to treat those amounts as a part of the wealth owned by him. the grounds on which the income returned was enhanced in each year have been discussed elaborately in the relevant orders and it has been clearly brought out that assessee did conceal the particulars of income which according to my opinion have also resulted in concealing the particulars of wealth correspondingly. I, therefore proceed to enhance the wealth of the assessee as detailed below: .1962-63 3,225 . 1963-64 3,773 . 1964-65 2,946 . 1965-66 1,631 . 1966-67 1,570 . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the additions made in the asset, under IT Act in respect of his individual asstts. and in the assts, of the firm, where he is one of the partners. As these additions are still lying unconfirmed due to a stay order dt.1st May,1968issued by the Hon ble Supreme Court, assessee could not contest to the orders before the Appellate Courts. It will be unfair according to assessee, to treat those amounts as apart of a wealth owned by him. The grounds on which the income returned was enhance in each year have been discussed elaborately in the relevant orders and it has been clearly brought out that assessee did conceal the particulars of income which according to my opinion have also resulted in concealing the particulars of wealth correspondingly. I, therefore, proceed to enhance the wealth of the assessee as detailed below : . 1962-63 3,225 . 1963-64 3,773 . 1964-65 2,946 . 1965-66 1,631 . 1966-67 1,570 . . . 13,145 (b) In M/s French India Importing Corpn., the assessee holds 1/2 share. The capital standing in his account-boo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade for asst. yr. 1964-65 were deleted by observing that "No addition can be sustained on the basis of presumed assets or undisclosed income". The additions made for asst. yr. 1966-67 were deleted by observing as under: Amount Reasons Rs. . 13,145 As given in 1975-76 case. 82,221 As given in last year s case. 17,600 As given in 1975-76 case. 31,780 As given in 1975-76 case. 72,102 -do-" The additions for the other three years were deleted by relying on the ratio of the aforesaid decisions brought out in paragraph 11 above. 12. We have heard both the department representative and the ld. counsel for the assessee, Mr. Jodh Singh. It is an admitted position that the quantum income-tax appeals of the firm where the assessee is a partner are pending decision before the first appellate authority. The appeal for asst. yr. 1962-63 has not been filed by the assessee as, according Mr. Jodh Singh, the ld. counsel for the assessee, the assessee has not been served of the notice of demand. Further the fact that an asset in the form of additional asset on account of the additio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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