9911796707
TMI Blog1997 (4) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of the assessee for the year 1956-57 under the head "Income from other sources" - Tribunal was not right in holding that Explanation 2 to 'section 153 was not applicable - - - - - Dated:- 23-4-1997 - Judge(s) : S. C. AGARWAL., K. T. THOMAS. and D. P. WADHWA. ORDER This appeal by certificate of fitness granted by the Bombay High Court under section 261 of the Income-tax Act, 1961 (h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e income for the assessment year 1957-58. The Income-tax Appellate Tribunal held that the said amount could only be considered in the assessment year 1958-59 inasmuch as the amount was required to be considered as income from undisclosed sources. After the said decision of the Tribunal, the Income-tax Officer issued a notice under section 147 of the Act to the assessee in respect of the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld not be invoked and Explanation 2 to section 153(3) could not be pressed into service. The Tribunal referred the question of law to the High Court for opinion. The said question was refrained by the High Court in the following terms : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that Explanation 2 to 'section 153 of the Income-tax Act, 1961, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 297(2)(d)(ii) and section 297(2)(k). In that case this court has taken note of the impugned judgment of the High Court as well as the judgments of the Allahabad, Calcutta and Bombay High Courts wherein a contrary view as taken and has affirmed the judgment of the Allahabad High Court. The present case is fully covered by the judgment of this court in Mahadeo Prasad Rais (Decd. by Lrs.) v. ITO [199 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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