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TMI Blog1983 (4) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... o as " the Act ") the Income-tax Appellate Tribunal, Indore Bench, Indore, has referred the following questions of law for the opinion of this court: " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that at the beginning of the assessment year the assessee had savings to the tune of Rs. 15,000 only as against Rs. 25,000 shown by hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of income to Rs. 10,000. The assessee had a house property, namely, a residential house in Dhan Mandi, Ratlam, which was stated to be ancestral property. The assessee had 1/3rd share in the said house. His father, Lalchand, and his brother, Ramchandra, relinquished their rights in favour of the assessee. The ITO held that the said house was the property of the assessee and was not the proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se the assessee did not maintain any accounts. However, the matter is squarely governed by s. 69 of the Act which provides that: " Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, the Appellate Tribunal was justified in holding that at the beginning of the assessment year the assessee had savings to the tune of Rs. 15,000 only as against Rs. 25,000 shown by him and that the balance of Rs. 10,000 stands assessable under section 69 of the Income-tax Act, 1961 ? " Our answer to question No. 1 reframed by us is in the affirmative and against the assessee. On the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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