9911796707
TMI Blog1985 (9) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... e and the ld. Departmental Representative. 3. The assessee had constructed a building in which be claimed to have invested Rs. 55,000 in the year 1974-75. The accounting period for the asst. yr. 1976-77 was the year ending 30th June, 1975. The ITO estimated the cost of investment in the building at Rs. 60,000. The assessee had explained that the amount came form his past savings and a loan of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the respective financial year and, therefore, of there was any unexplained investment that should have been distributed in 1974-75 and 1975-76. We had permitted the assessee to set-up this additional ground. We would first take this additional ground set-up by the assessee. The unexplained investment has been taxed under s. 69 of the IT Act. This section reads as under: "69. Where in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee stated that he had been following accounting year from 1st July to 30th June each year. This was followed by a statement that the assessee had built up the hotel (the building in question) in the year 1974-75 costing about Rs. 50,000 to Rs. 55,000. This means that according to the assessee the investment was made in the accounting period 1st July, 1974 to 30th June, 1975. This is what was state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also contended that he was a member of an HUF which owned agricultural land measuring about 300 acres and he was receiving Rs. 1,600 every year for the past fifty years. In addition, he stated that his elder brother was also living with him jointly and the said brother was himself having a business and they had ancestral hose and did not have to pay any rent. He is an old man in the evening of hi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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