9911796707
TMI Blog1978 (7) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... f the years under dispute ? 2. Whether, on the facts and in the circumstances of the case, there was material on record to justify the finding of the Tribunal for each of these years that the sums represented the income of the assessee from undisclosed sources ? " The facts giving rise to this reference briefly are as follows The assessee was assessed as an individual deriving income from money-lending business. The relevant assessment years are 1956-57, 1957-58 and 1958-59. For each of these years, the assessee was originally assessed on 30th May, 1960. At the time of original assessment, the assessee had submitted a list of the parties from whom interest was received by the assessee. No books of account were maintained by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the original assessments were completed on 30th May, 1960, and the ITO making the original assessments could very well have enquired from the assessee the source of her investments. It was further contended that all the primary facts, which the assessee was required to state at the time of original assessments, were placed by the assessee before the ITO and the ITO, therefore, did not have jurisdiction under s. 147(a) of the Act to reassess the assessee. Having heard learned counsel for the assessee and the department with regard to the first question referred to us, we have come to the conclusion that the answer to the first question must be in the negative and in favour of the assessee. It is well settled that to confer jurisdic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fully and truly all material facts necessary for his assessment. As stated, the obligation for supplying such other information could arise only if the Income-tax Officer had required the assessee to furnish information ...... " Now, in the instant case, the Tribunal has found that the assessee had produced before the ITO at the time of original assessments a list of persons to whom moneys had been advanced by the assessee and the amounts of interest received from them. It is true that the source of investments was not disclosed by the assessee. But it was not urged before us on behalf of the department that at the time of filing her returns for the relevant assessment years, the assessee was required to furnish information regarding the so ..... X X X X Extracts X X X X X X X X Extracts X X X X
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