1977 (7) TMI 49

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..... sion arrived at by the Tribunal that the loans in question represented the assessee's income from undisclosed sources was perverse in the sense that no reasonable man could come to the above conclusion ? " The assessee is a private limited company. The assessment year involved is 1962-63 for which the accounting period ended on the 31st March, 1962. In the course of the assessment proceedings, t .....

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..... te Assistant Commissioner before whom the assessee could not even establish the identity of those parties. On the facts found by the Income-tax Officer and in those circumstances, the Appellate Assistant Commissioner observed that it could not be held that the alleged loans were genuine. The assessee thereafter filed further appeal. The Appellate Tribunal dismissed the same. The Tribunal held th .....

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