2010 (9) TMI 53

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..... argeable to Income Tax- The asseessee had made the deposit out of borrowed money but he had sufficient income chargeable to tax to make that deposit. Court declined to decide the case as no body had appeared for the assessee.
CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOEL HON'BLE MR. JUSTICE AJAY KUMAR MITTAL None for the applicant. Ms. Urvashi Dhuga, Standing Counsel for the revenue. ADARSH .....

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..... with the assessee in his account by receipt of borrowing etc. even if the assessee had sufficient income chargeable to tax sufficient to meet the deposit." (ii) Whether in the facts and circumstances of the case, the authorities erred in law in interpreting the CBDT circular No.3P dated 11.10.1965 clarifying the expression "out of his income chargeable to tax" by ignoring the material portion of .....

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