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TMI Blog1979 (1) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... ian I. T. Act, 1922. In this reference we are concerned with the assessment years 1960-61 and 1961-62 for which the previous years ended on 31st March, 1960, and 31st March, 1961, respectively. In the view that we are taking we shall refer only to the sum of Rs. 40,000 which pertains to the assessment year 1960-61. During the previous year ending on 31st March, 1960, the assessee had purchased t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee's) wife for safe custody. These withdrawals were of Rs. 35,000 on 27th April, 1956, and Rs. 30,000 on 23rd August, 1956. According to the assessee, his wife was thus in possession of a sum of nearly Rs. 40,000 in cash. The ITO rejected the explanation given by the assessee for a number of reasons which are set out in para. 3 of the statement of the case. The aggrieved assessee then appealed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee in paras. 4 and 5 of its appellate order. If para. 5 of the said order is carefully perused, it is found that the Tribunal has taken into account all the points both for and against the in arriving at the conclusion that it ultimately did that the assessee was entitled to the benefit of doubt, and accordingly the amounts added to his income for the two years were directed to be delet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possess. This is not to be taken to imply that the conclusion reached by the Tribunal is found to be faulty in any manner. On the material placed before the Tribunal, the Tribunal came to the conclusion that the assessee's explanation was such as was just possible and accordingly decided to give the benefit of doubt to the assessee. It appears to us that substantially this is the correct conclusi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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