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TMI Blog2018 (3) TMI 1530X X X X Extracts X X X X X X X X Extracts X X X X ..... they had maintained the books of account was never an issue before the authorities below, as the same was never raised. It would not be permissible for the appellants to contend it for the first time in the present appeals, as these appeals can only be considered on the substantial questions of law. - Decided against assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... pply when income is not recorded in the books of account maintained as maintenance of books of account is sine qua non to apply Sec. 69 of the I. T. Act and Whether the Tribunal ought to have considered the judgment of jurisdictional High Court Bombay High Court that the cash credit found in bank pass book and not in cash book maintained as pass book supplied by the bank is not the books of account maintained, so held in CIT Vs. Bhaichand H. Gandhi (1983) 141 ITR 67 (Bom) ? 2. Whether on the facts and circumstances of the case and in law the Tribunal was required to consider the legal proposition that the judgment of the jurisdictional High Court and Supreme Court are retroactive and the interpretation of law made by the Court is of exist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal ? 6. Mr. Kulkarni, the learned advocate for the appellants strenuously contends that, Sec. 69 of the I. T. Act can be invoked only, if the assessee maintains books of account. In the present cases, assessee do not maintain books of account, as such, Sec. 69 of the I. T. Act could not have been invoked. The learned advocate relies on the judgment of the Orissa High Court in a case of Aurobindo Sanitary Stores Vs. Commissioner of Income Tax reported in (2005) 73 CCH 0147, so also on the judgment of the Division Bench of this Court in a case of Babulal C. Borana Vs. Income Tax Officer and others reported in (2005) 195 CTR 0199 and in a case of Commissioner of Income Tax Vs. Bhaichand H. Gandhi reported in (1983) 141 ITR 0067. The learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by him is not, in the opinion of the [Assessing] Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. 9. The appeals have to be considered only on substantial questions of law. In the proceedings before the Tribunal or the Commissioner Appeals, the appellants have never taken a stand that they do not maintain books of account inter alia Sec. 69 of the I. T. Act is not applicable. It is for the first time in the present appeals, the said stand is taken. 10. In both these appeals, it has been concurrently held before all the forums that the assessee have failed to discharge the burden to explain the source of deposit in their bank accounts. It has been concurrently obs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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