9911796707
TMI Blog1983 (1) TMI 99X X X X Extracts X X X X X X X X Extracts X X X X ..... essee for these years, found that there was accretion in wealth of Rs. 23,167 in the accounting year relevant to the asst. yr. 1976-77. Similarly, he worked out accretion in wealth of the assessee for the other year amounting to Rs. 15,976. The ITO, therefore, enquired of the assessee to explain the nature and source of the accretion. For the asst. yr. 1976-77, the assessee gave explanation that he had received Rs. 10,000 by way of gift from Sardar Pritam Singh wife's relation Rs. 5,000 from Smt. Bhagwati (maternal aunt) and Rs. 5,000 by way of a loan from (M/s Singh Trading Benefit Company Pvt. Ltd.). As regards the asst. yr. 1977-78, the assessee stated that out of the seized account of Rs 22,210, Rs 6,700 belonged to his mother Maya De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee stated before the AAC that Rs. 6,700 belonged to his mother, Smt. Maya Devi as the said amount was taken out from her trunk. After considering the submissions made on behalf of the assessee, the AAC was of the view that the assessee's explanation should have been accepted by the ITO. The AAC further found as a fact that the assessee had in fact received a loan of Rs. 5,000 from M/s Singh Trading Benefit Company Pvt. Ltd. He, therefore, deleted the addition of Rs. 23,167 in the first year and of Rs. 15,976 in the second year under appeal. 5. Being aggrieved by the order of the AAC, the revenue has come up in appeal before the Tribunal. Inviting our attention to the assessment orders for the assessment years under appeal, the ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... away the cash of Rs. 5,000. As regards, the assessee's wife Smt. Mahendra Kaur, the ld. representative for the department stated that she had no ostensible source of income or explanation regarding Rs. 3,000. The ld. Counsel for the assessee, on the other hand, strongly relied on the order of the AAC and justified his action. As regards, the loan of Rs. 5,000 taken from M/s Singh Trading Benefit Company Pvt. Ltd., the ld. counsel for the assessee invited our attention to the order of the AAC under the WT Act (Appeal No. 61 and 62/SC/B/77-78 dt. 8th November 1978) and highlighted the fact that in the said order, the AAC had accepted the genuineness of the loan of Rs. 5,000 taken by the assessee. According to the ld. counsel for the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l. Apart from this fact, we find from the copies of the accounts placed before us, that the assessee's explanation regarding the loan in question has to be accepted without any demur. We would, therefore, uphold the order of the AAC in this regard. As regards the gifts/cash, we find considerable force in the submissions made on behalf of the revenue. On the appreciation of the material already brought on record, it is quite apparent that all these persons have tried to oblige the assessee to explain away the accretion in the wealth in the asst. yr. 1976-77, and the cash seized in respect of the asst. yr. 1977-78. Both S. Pritam Singh and Smt. Bhagwati have their relations, much closer to that of the assessee and therefore, it is difficult t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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