9911796707
TMI Blog1974 (6) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... the conclusion arrived at by the Tribunal that the sum of Rs. 1,38,000 was the appellant's income from undisclosed sources was perverse in the sense that no reasonable man could come to it on the materials on record ? (3) Whether the said conclusion was based on conjectures, surmise or suspicion and on a failure to consider the relevant evidence on record ?" As this reference is capable of being disposed of on a short point, namely, whether the sum of Rs. 1,38,000 as income from undisclosed sources can be assessed for the assessment year 1947-48 or not, it is unnecessary for us to go into the facts in detail. For the assessment year 1947-48, the relevant accounting year is the calendar year 1946. The Income-tax Officer, upon scrutiny o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee from undisclosed sources for the assessment year 1947-48. If for the assessment year 1947-48, the sum of Rs. 1,38,000 as income from undisclosed sources cannot be regarded as part of the income, then naturally question No. 1 has to be answered in favour of the assessee. On January 19, 1946, the assessee made a declaration in the form prescribed under section 6 of the High Denomination Bank Notes (Demonetisation) Ordinance, 1946, being Ordinance No. 3 of 1946. As shown by particulars in item 14 of the declaration she has encashed 238 notes of Rs. 1,000 each. While assessing the assessee for the assessment year 1947-48, the Income-tax Officer directly applied his mind to the question whether the sum of Rs. 2,38,000 representing 238 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake the assessment on the basis that the previous year for such an income would be the ordinary financial year. The ratio of this case is directly applicable and the accounting year in view of the declaration made will be April 1, 1945, to March 31, 1946, and such income from undisclosed sources can only be assessed for the assessment year 1946-47. That being the position it is patent that there is no evidence or material on record to show that this income from undisclosed sources was assessable for the assessment year 1947-48. In the result, question No. 1 is answered in the negative. In view of answer to question No. 1, questions Nos. 2 and 3 do not survive. As the question on behalf of the assessee was raised for the first time before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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