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TMI Blog1980 (9) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Sundaram Babulal, the total amount being Rs. 86,279. The ITO asked the assessee to explain and prove the nature and source of these deposits but the assessee did not comply with this direction. He, therefore, treated the entire amount of Rs. 86,279 as assessee s income from undisclosed sources. 3. The ld. Counsel for the assessee has also filed a copy of the order of this Tribunal in ITA No. 502 (Pat) of 1972-73. This order shows that the AAC confirmed the aforesaid additions and then an appeal was filed before the Tribunal it was claimed that Shri Sundaram Narnoli got stock of cloth and cash on dissolution of firm M/s. Buxiram Laxminarayan. The assessee also furnished copies of accounts and deed of dissolution. It was also pleaded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he deposits in the name of Sundaram Babulal required further investigation. For this purpose, the Tribunal set aside the order of the AAC. 4. It was after this that AAC has passed the present order on 1st May, 1978 which is under appeal. The AAC again held that Narnoli had denied that the amount of Rs. 77,479 belonged to him. The AAC also held that Shri Sundaram Narnoli had not claimed this amount for the last 23 years and that Shri Murlidhar, Karta of the HUF who took the loan had died and so the amount was not payable to the creditor. He, therefore, upheld the addition of Rs. 77,478. As regards the amount of Rs. 8,800 the assessee claimed that the assessee was not in a position to produce the party concerned or submit a confirmation fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be paid by the parties in proportion of their shares and the allocation of cash-in-hand and stock-in-trade is made as under the deed. 6. The ld. counsel for the assessee has filed pages 9 to 12 of the paper book which shows that Shri Sundaram Narnoli received Rs. 32,929.43 as cash and Rs.47,378.39 as stock of cloth in Buxiram Laxminarayan and Rs. 8,656.16 as stock of cloth in Ramnath Badrinarain and the total stock of cloth was Rs. 2,15,482.05 and in M/s. Ramnath Badrinarain was Rs. 8,656.16, the total being Rs. 2,24,148.21 and the cash-in-hand with M/s. Buxiram Laxminarain was Rs. 1,22,468.46, in M/s. Arjun prasad Narnoli Rs. 18,765.34 and in M/s. Ramnath Badrinarain at Rs. 482.83 and the total amount was Rs. 1,41,717.73. The statement a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ke over charge of the assets and liabilities of the firm as per balance-sheet and he was responsible for discharging all the liabilities and realising the firm s dues. It appears that the assessee kept certain amount out of the value of stock and cash with the assessee relating to Shri Sundaram Narnoli which was to the extent of Rs. 77,479. 10. The ITO examined Shri Sundaram Narnoli on 6th March, 1980 and he admitted that he was a partner in M/s. Buxiram Laxminarayan and its branch M/s. Ramnath Badrinarayan and the firm was already closed and his share was 1/4th and that he was an active partner. He stated before the ITO that he did not remember the exact amount on dissolution of the firm but he received cash and stock as per account give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of M/s. Buxiram Laxminarain after dissolution. However, both the facts are falsified by certificate granted by the banks. The Bank of Baroda in the certificate dt. 17th May, 1976 has mentioned that Shri Murlidhar Narnoli and Shri Sundaram Narnoli were operating the bank accounts of the M/s. Buxiram Laxminarain till the date of the certificate was issued. Again a copy of the certificate dt. 14th May, 1976 granted by Viji Company (Bankers) to the effect that M/s. Buxiram Laxminarayan had current account with them with the partners Shri Sundaram and Shri Murlidhar and that both the partners were authorised to operate the account singly and this account was closed 10th June, 1970. The firm was dissolved from 4th April, 1963. Thus it is evi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the hand writing expert. The ITO rejected the prayer of the assessee. Under such circumstances we have to decide the case on the materials before us. 13. The AAC has taken the view that Shri Sundaram Narnoli has not claimed the amount although 23 years have elapsed. We have already pointed out above that the assessee has made the payments up to the asst. yr. 1968-69. moreover the admission of the assessee HUF that the amount was a deposit from Shri Sundaram Narnoli will extend the period of limitation and Shri Sundaram Narnoli will extend the period of limitation and Shri Sundaram Narnoli can claim the amount by civil suit even subsequent to the admission of the debt by the assessee HUF and so this cannot be a circumstance to falsify t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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