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TMI Blog1997 (3) TMI 647X X X X Extracts X X X X X X X X Extracts X X X X ..... especially when the cash flow statement produced by the assessee showed that sufficient cash money was available ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in sustaining the addition of peak amount of Rs. 1,95,000 on account of unexplained investment on the purchase of drafts on the basis of suspicion whereas the said addition is against the evidence and material on record ? 2. Brief facts : For the year 1989-90 the petitioner filed its return declaring an income of Rs. 29,260. However, the assessing authority made assessment on a total income of Rs. 5,34,424. The appeal filed by the petitioner against the order of assessment came to be dismissed by the CIT(A) on 16th October, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal has rightly held that the entire amount of drafts cannot be treated as available in the hands of the assessee. Shri Gupta submitted that there was a clear intention to evade the tax because the assessee did not produce any evidence before the assessing authority or the appellate authority disclosing the source from which it got money for purchase of drafts. Shri Gupta pointed out that the books of accounts, vouchers and other documents of purchase and sales were deliberately withheld by the assessee by concocting the story of having lost the same and, therefore, the finding recorded by the Tribunal that the assessee has failed to explain the source of income cannot but be treated as per finding of fact and no question of law a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and the peak of Rs. 1,95,000 could, at the most, be treated to be the money representing unexplained investment. Two drafts one for Rs. 55,000 on 7th November, 1988 and the other for Rs. 1,40,000 on 8th November, 1988 had been obtained by the assessee. These two drafts could be treated to represent the peak amount available with the assessee. We are in agreement with the learned counsel that when the assessee was doing very good business in garments and had also daily sale proceeds, the goods released by the customs authorities were indeed available for the sale and the assessee did utilise sale proceeds for making remittance to the Customs Collector, Madras, for releasing more goods. The entire amount of Rs. 4,49,527, representing the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal are not based on any evidence and no reasonable man could have arrived at those findings on the basis of the appreciation of the material placed before him. In Om Parkash vs. CIT (supra), a Division Bench of this Court held : ...... The acceptance or rejection of any piece of evidence by the Tribunal would squarely fall within the ambit of appreciation of evidence and ordinarily would not give rise to a question of law. The Tribunal for valid reasons rejected the affidavit furnished by the assessees grandmother-in-law and assessed the amount as the assessees income from undisclosed sources. The finding of the Tribunal was a finding of fact and no question of law arose for reference . In Ashok Kumar vs. CIT (supra), a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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