2003 (1) TMI 87

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..... e explanation as enumerated under section 69A in respect of the previous year. As such in this case even if shown at the hands of the partners, the same has not been believed to explain the amount at the hands of the assessee under section 69A of the Act.
Judge(s) : D. K. SETH., R. N. SINHA. JUDGMENT The judgment of the court was delivered by D.K. SETH J.-This reference has no merit and ought not to have been made. It is settled principle that the closing balance of the accounting year shall be the opening balance of the next year. On the facts available, the decisions of the Income-tax Officer, Commissioner of Income-tax (Appeals) and the Appellate Tribunal are justified and legal and call for no interference. On a survey under sec .....

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..... concerned in this case. This contention seems to be of no consequence as rightly contended by Mr. Mullick. It was the opening balance of the next year. The opening balance of the next year is the closing balance of the previous year. In the previous year this was not reflected in the books of account. The assessee was asked to produce the books of account for the previous year. The assessee pleaded that those were lost. In the circumstances, it was open to the Assessing Officer to treat the opening balance of the next year as the closing balance of the previous year not reflected in the books of account. Therefore, he could have treated the amount as unexplained money under section 69A of the Act. Learned counsel for the applicant conten .....

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..... partners, or in the hands of the firm. Therefore, the action of the Commissioner in setting aside the assessment order was not justified as the assessment order was not prejudicial to the interests of the Revenue." But in the facts and circumstances of this case, the said decision will not help us in this case unless it is shown that the acceptance of the return of the partners of the assessee preceded the completion of the assessment of the assessee. From the order of the Tribunal at pages 33-34 of the paper book, it appears that the revised return was filed by the partners in March, 1989. Whereas the assessment of the previous year was completed on March 28, 1989. No material is produced to show that the acceptance under section 143(1) .....

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