9911796707
TMI Blog1980 (12) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... the effect that in the accounting year relevant to asst. yr. 1972-73, the assessee had constructed a house by investing a sum of Rs. 20,000. Notice was issued to the assessee under s. 139(2) of the IT Act. But, according to the ITO, the assessee failed to file the return of his income and also refused to receive notice under s. 142(1) of the IT Act. The assessment was completed under s. 144 and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Copy of the sale deed dt. 26th Dec., 1968 was produced to show that the assessee had sold his own house for Rs. 7,000 and this money was available for investment during the accounting year 1971-71. A certificate from the Life Insurance Corporation of India was produced to show that the assessee had been sanctioned a loan of Rs.400 on 20th Sept., 1969 by the LIC. A certificate dt. 18th April 197 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld not have been put to harassment just on the basis of surmises and conjectures. In any case, the ld. AAC ought to have considered the whole question by accepting evidence in the interest of justice and fair play. We hold that the assessee had properly explained the source of investment in the construction of residential house and there was no valid reason for determining his income at Rs. 20,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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