1982 (3) TMI 12

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..... urt in Misc. Civil Case No. 708 of 1972, decided on 4th May, 1978. The questions of law referred are as follows : "(1) Whether the Appellate Tribunal was right in holding that the provisions of the Explanation to section 271 (1)(c) were not attracted to the facts and circumstances of the case ? (2) Whether the Appellate Tribunal was justified in holding that there was no material on record to .....

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..... e have already stated that the assessment was made after rejecting the books of account. No particular item in the books of account was found to be false. Further, it has not been shown that any specific item of income has not been entered in the books of account. In these circumstances, in our opinion, the assessee succeeded in rebutting the presumption arising under the Explanation. The learned .....

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..... n the agreed basis cannot, in our opinion, be taken to be an admission. For these reasons, we answer the questions referred as follows: (1) The Appellate Tribunal was not right in law in holding that the Explanation to section 271 ( 1)(c) was not attracted. (2) In the circumstances of the case, the presumption arising from the Explanation can be said to be rebutted and, therefore, the Tribun .....

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