9911796707
TMI Blog1987 (1) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... he agreements of 1955 and 1959. The assessee had submitted the details of receipts and expenses from such rental income which disclosed an excess of Rs. 11,973 on the receipt side and this excess was worked out after deducting interest of Rs. 43,482. The Income-tax Officer held that the interest of Rs. 43,482 was not allowable and that the rental income was also taxable and thus added the income of Rs. 55,455. On appeal, the Appellate Assistant Commissioner came to the conclusion that the assessee could have borrowed money to pay the unpaid price and on the analogy that the interest paid on such borrowed capital would be allowable as expenditure, allowed the sum of Rs. 43,482 as interest in respect of the unpaid purchase consideration. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om undisclosed sources ? " So far as question No. 6 is concerned, it is conceded, and in our view rightly, that this question of law arises from the order of the Tribunal and ought to have been referred. So far as questions posed as questions Nos. 7 and 8 are concerned, they have been framed under some misapprehension or erroneous understanding of the order of the Tribunal. As already noticed, the Appellate Assistant Commissioner directed the reduction of the amount of interest of Rs. 43,482 from the computation of Rs. 55,455 and the Tribunal took the view that this would not any longer be available to the assessee. The net relief the assessee got under the orders of the Tribunal was only Rs. 11,973. Mr. Anoop Sharma states that this sum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion constitutes the undisclosed income of the assessee and that that income, although commonly described as intangible, is as much a part of his real income as that disclosed by his account books and that it has the same concrete existence. It could be available to the assessee as the book profits could be. In our view, the Tribunal, in this case, from an overall consideration of all the relevant facts and circumstances, came to a finding of fact that the cash credits could reasonably be attributed to the income assessed in the previous year. Mr. Wazir Singh has invited our attention to CIT v. Althi Bangarayya [1975] 100 ITR 10 (SC), as also to the provisions of section 68 of the Income-tax Act, 1961, and urges that a question of law does ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
