9911796707
TMI Blog1981 (7) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... the above amount of Rs. 3 lakhs in the net wealth of the assessee for the asst. yr. 1969-70. It was represented by the assessee that he had never won the prize of Rs. 3 lakhs. The manager of the Atop Mercantile Corp. with whom the money was enacted had stated that no money transaction had taken place for any prize. According to the assessee it was a fictitious entry. The cheque also was dt. 4th Dec., 1968 prior to 21st Oct., 1968 the alleged valuation date for 1969-70. The WTO relied on the decision of the Appl. Tribunal in ITA No. 1160 of 1974-75 dt. 17th March, 1976 to hold that the assessee not only won the prize but also received the money in cash by withdrawing it from his bank account. The second contention was rejected for the reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of Rs. 3 lakhs was entirely unjustified, the onus in this regard to prove the existence of an item of wealth on the Department being not discharged. 3. For the Department stress is laid on the orders of the authorities below. For income-tax purposes the fact of the assessee having earned the income has been established by the Tribunal's order. The assessee has not proved that Atop Mercantile Corpn. was maintaining bogus books. It being established on circumstantial evidence that the assessee had received sum of Rs. 3 lakhs unless expenditure or investment of the same is firmly established that amount should continue to remain with the assessee. 4. In the present case admittedly the actual receipt a sum of Rs. 3 lakhs by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be retained by the assessee for a further period of five years cannot be upheld. The additions are deleted for both the years. 5. For both the years objection has been raised against the non-allowance of liability. This covers two items, one relating to agricultural lands excluded from the net wealth and the other tax liability on a sum of Rs. 3 lakhs added as income from other sources. Since the addition of the sum of Rs. 3 lakhs has been sustained for income-tax purposes by the Appl. Tribunal by the order in ITA No. 1160 in the light of the Supreme Court decision in (1981) 129 ITR 314 (SC) the tax on the above amount is to be deducted on the valuation dates coming after the date of the addition. The WTO found that the assessee had t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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