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TMI Blog1979 (1) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... er. 2. At the time of assessment proceedings the ITO detected a cash credit appearing in the name of Shri Kalyandas Chotmal. The explanation filed by the assessee regarding the nature and sources of this deposit was not accepted by the ITO and accordingly he included this sum of Rs. 10,000 in the total income of the assessee. 3. Being aggrieved with the order of the ITO the assessee went up in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce 1968 to 1973. After this it was stated that he left the service and started his own business as a broker. As a broker he was making Rs. 500 per month. It was also stated that there were only two members in his family. Out of the income from salary, it was stated that he could not save anything for the first two years but subsequently he could save Rs. 1,500 per year. By 1974 he had saved Rs. 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have perused the deposition of the creditor. From this, we find that the creditor was in service since 1968 up to 1973. Since Jan., 1974 the creditor started his own business as a broker. For the first three years he was getting salary of Rs. 1,200-Rs. 1,800 and Rs. 2,400-per year and it was from the 4th year he was getting salary of Rs. 3,000 and Rs. 3,700 per year. In the first two years the cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived by him from his father on partition. Further the ITO also had stated in his order that the creditor did not deposit this amount with the Bank or Post Office. The other creditors also did not deposit the money either in Bank or Post Office yet the ITO had accepted the source of the cash credit. In this case we find that the creditor had sufficient means to advance a loan of Rs. 10,000 to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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