2002 (7) TMI 62

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..... e account of Smt. Amrit Kaur in the books of the assessee for this year stood satisfactorily explained by the assessee in view of the disclosure made by Amrit Kaur under section 24(2) of the Finance (No. 2) Act of 1965?" - the question referred has to be answered in the negative, i.e., in favour of the Revenue and against the assessee. We answer the question accordingly.
Judge(s) : D. K. JAIN., .....

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..... anding counsel for the Revenue. Briefly stated, the background facts are: The assessee, an individual, carries on business in sugar mill machinery parts. The relevant previous year ended on June 30, 1966. During the course of assessment proceedings for the relevant assessment year, the Assessing Officer noticed a cash credit of Rs. 19,692 in the account of Smt. Amrit Kaur, the wife of the assess .....

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..... The issue raised is no longer res integra. In Jamnaprasad Kanhaiyalal v. CIT [1981] 130 ITR 244, the Supreme Court, dealing with a similar question, has held that the legal fiction created by section 24(3) of the Finance (No. 2) Act of 1965, was limited in its scope and could not be invoked in assessment proceedings relating to any person other than the person making the declaration under that A .....

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