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TMI Blog1978 (10) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... f this court. The facts of the case, which have given rise to this application, may be briefly stated. The ITO, Sawai Madhopur, by his order dated August 31, 1971, assessed the income of the assessee, Shri Surajmal Sharma, for the assessment year 1969-70, at Rs. 40,000 on estimate basis. On an appeal by the assessee, the AAC, Kota, by his order dated July 31, 1973, determined the total income of the assessee at Rs. 25,000 giving him a relief of Rs. 15,000. In doing so, the AAC took into consideration the fact that a sum of Rs. 6,000, out of the investment of the assessee during the assessment year, was raised by borrowing and the same was repaid in the year 1972, and also the fact that the assessee had made some initial investment in the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut of the total investment of Rs. 50,000, the balance should have been Rs. 33,000 and not Rs. 37,000, and consequently the unexplained income of the assessee during the relevant assessment year should have been calculated as Rs. 20,000 and not Rs. 24,000. It was also held by the Tribunal that the amount of Rs. 6,000, which were invested by the assessee out of borrowings and were repaid in the year 1972, was deductible and further that some initial capital by way of past savings might also have been there, yet the Tribunal took the view that since the income of the assessee was assessed merely on an estimate basis and not by way of arithmetical calculation on the basis of proved facts, the evaluation of the estimate of the income of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he circumstances of the case, the direction of the Tribunal in its order dated July 30, 1974, to the effect that at page 9 of the Tribunal's appellate order dated April 19, 1974, the figure of Rs. 24,000 be reduced to Rs. 20,000 is correct and complete and whether the Tribunal ought to have on evidence available on record directed that the figure of Rs. 24,000 be reduced to Rs. 14,000 (instead of Rs. 20,000 as done by the Tribunal) ? (3) Whether, on the facts and in the circumstances of the case, the Tribunal was right in declining to reduce the estimate of total income of Rs. 25,000 commensurate with the reduction already given at Rs. 4,000 and further allowable at Rs. 6,000 in the amount of unexplained figure of Rs. 24,000 as per questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as initial investment of the assessee in money-lending business by way of past savings and the Tribunal does not appear to have taken a different view in this matter. On the other hand, in its order dated April 19, 1974, the Tribunal even appears to be prepared to assume that the entire amount of Rs. 13,000 claimed by the assessee as capital investment made by him in the money-lending business out of past savings be taken to be proved and in the order passed by the Tribunal on July 30, 1974, relating to rectification, it merely observed that " the Appellate Assistant Commissioner did not accept the amount of Rs. 13,000 as past savings of the assessee nor the Tribunal did so ". But the Tribunal did not indicate that it had taken a different ..... X X X X Extracts X X X X X X X X Extracts X X X X
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