9911796707
TMI Blog1980 (7) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... ch, 1975. 2. The assessee is assessed in the status of individual. She has income from salary and dividends. She did not keep any books of account. 3. There was a plot of land belonging to the assessee 's husband. The assessee constructed thereon a property. According to a report obtained by her from M/s. Shrinivas M. Kini Co. Architects and Engineers, the cost of the construction the building was estimated at Rs. 1,90,000. The estimate was made because, as stated above, the assessee did not have any books of account and further the construction was carried out by engaging various contractors to whom the necessary material was supplied. According to the assessee she had made available for meeting the cost of the construction, the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition of Rs. 37,219 as income from undisclosed sources on the ground that the assessee had not explained the sources of her investments to that extent. This is the addition deleted by the AAC and which has also been stated in the first ground of appeal extracted by us earlier. We may add that the ITO has mentioned in this assessment order that the assessment was getting barred by the period of limitation on 31st March, 1978. It is not surprising that the ITO has not been quite careful in appreciating the case of the assessee and the material on record. 7. On the other hand, the AAC while deleting the addition has taken into account the stand of the assessee and after carefully examining the relevant material he has held that the addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O suffers from a lack of proper approach in so far as he has not noticed the overall picture. The stand of the assessee has consistently been that she had inherited certain amounts from her late father, that at the stage of the construction of the building she had raised loans or received gifts etc. and that the various sums of money had been deposited and withdrawn from her bank account as and when there was need to do so. As the ITO examined only particular transactions, he lost sight of certain relevant but important aspects. Therefore, certain transactions which did not fall in the year 1975-76 had also to be taken into account. For example, there were sales of shares of Rs. 9,470 in asst. yr. 1974-75 and the proceeds were available to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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