1977 (10) TMI 79

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..... ccording period ending on 31st March, 1973, the ITO found that the assessee had deposited a sum of Rs. 20,000 on 30th March, 1973 in the Central Bank of India. On being asked to explain the source of this deposit, the assessee contended that he had deposited the amount in question out of the balance of Rs. 22,000 in his capital account. In his return for the asst. yrs. 1970-71, 1971-72 and 1972-73 .....

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..... It is clear from the facts stated above that the Department accepted the savings of the assessee to the extent of Rs. 9,200, Rs. 15,200 and Rs. 22,000 upto the asst. yrs. 1970-71, 1971-72 and 1972-73. If the Department had entertained any doubt about the accumulated savings of the assessee in the asst. yrs. 1970-71, 1971-72 and 1972-73, it should have made necessary enquiries then and there. After .....

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