9911796707
TMI Blog1978 (9) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... sed for the year 1966-67 in the status of HUF. In the assessment year 1968-69, Sri Lallu Mal, who was a karta of the aforesaid HUF, was assessed in the status of an individual. The same situation prevailed in he assessment years 1969-70 and 1970-71. After the assessments for the first two years were completed, the ITO noticed that there were certain fixed deposits in the Punjab National Bank in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 1970-71 ? " The position is that for the year 1966-67, an amount of Rs. 10,000 was deposited on August 9, 1965, in the name of the minor son, Suresh Chand and on November 4, 1965, an amount of Rs. 10,000 was deposited in the bank in the name of the wife, Smt. Chandrawati. During the accounting period relevant for the year 1968-69 there were three deposits: on 9th August, 1967, Rs. 10,000 in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wife and the minor son. The wife filed a certificate that the deposits were made up of gifts received by her from her parents from time to time. She further stated that it was not possible for her to give further details in support of it. The income-tax authorities have disbelieved this, as it has been found to be too vague and is not supported by any details or materials. It is evident that ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icate given by her she claimed the deposits to have come out of the gifts received from her parents from time to time. If it had been a fact that the money deposited in the bank were out of the income from the assets and properties received by them in the partition, the wife should have given a certificate to this effect. But no one ever whispered it even. We cannot hence say that there was no mat ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
