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TMI Blog1966 (9) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... on the following question, namely, " whether, on the facts and in the circumstances of the case, the Tribunal had any material for holding that the sum of Rs. 8,050 was an undisclosed profit and assessable as such in the year of account ? " The facts necessary for the determination of this question may be stated as follows : The assessee is the proprietary of the Eurasian Exports and Imports, Gudur, and Ramana Vilas Mica Mines, Degapudi. The assessment is for the year 1951-52, for which the accounting year ended on July 31, 1950. In the return filed by her, she showed a loss of Rs. 7,273 and after making certain adjustments the registered accountant of the assessee admitted a loss of Rs. 9,591. The Income-tax Officer noticed that a sum o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated that while enclosing a true copy of the capital accounts of the assessee for the period from August 1, 1943, to July 31, 1950, he has to say that the cash on hand with her on July 31, 1948, is Rs. 66,340-12-0 and all advances to the business during the assessment years 1950-51 and 1951-52 were made out of the sum of Rs. 66,340-12-0 and out of the drawings made in the respective assessment years, namely, 1950-51 and 1951-52, and that the cash on hand on July 31, 1950, was Rs. 56,470-13-11. This letter clearly indicates that the assessee had on July 31, 1950, Rs. 56,470-13-11 in cash and in fact she was having cash on hand during the relevant assment years. The capital account for the period from August 1, 1948, to July 31, 1949, also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ticularly the folio of Punniah Naidu, it was found that except for a payment of Rs. 6,000 by him, there were no dealings at all and so also for the next preceding year there were no dealings. In view of this, the Tribunal concluded that the assessee's version that the money was being kept with this person for being adjusted from time to time is wrong. Further, the Tribunal has stated in its order that : " The assessee has, therefore, neither proved that there was necessity for the money as large funds were available with the firm nor has she proved that there was home chest account from which moneys could be taken and advanced to this firm. In the absence of such proof the treatment meted out to the sum of Rs. 8,050 as unexplained credit a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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