9911796707
TMI Blog1981 (12) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... tions as made by the ITO in the original assessment are set out here under. . 1962-63 1963-64 1965-66 T.I. Assessee 13,29,572 1,44,302 94,125 Additional bogus hundies 8,75,000 — 75,000 Cash credits 3,42,200 — — Hundi interest 72,133 40,871 — G.P. addition — 50,007 — Thereafter the assessee filed appeals before the AAC who set aside the assessments by this order dt. 24th Feb., 1969, 27th Feb., 1969 and 24th July, 1970 respectively. The main reason for which the AAC had set aside the assessments was that adequate opportunity was not granted to the assessee to explain various Hundi loans which we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Estimated income from M/s. Asian Watch Clock industries Rs. 21,000 4. Being aggrieved, the assessee carried the matter in appeal before the CIT (A). He examined the additions as made by the ITO w.r.t. the book balance which was determined in the earlier years in regard to unverified hundi loans and the found that the book balance reached in the earlier years was sufficiently high. He also found that in the earlier years similar hundi loans were examined and majority of them found to be genuine. Therefore according to the Commr.(A) there was no case for making addition of Rs. 5,42,000 on account of unverifiable hundi loans. He therefore deleted the addition for the asst. yr. 1962-63. 5. For the asst. yr. 1963-64 the CIT (A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years under appeal was much lower than the general peak which obtained in the earlier years. In the light of the above facts which are not controverted before us namely the general peak which was determined for the asst. yr. 1957-58 was higher than what was determined for the respective years under appeal and also the fact that substantial hundi loans were found to be genuine on detailed verification and in the absence of any material placed before us to persuade us to take a view different from the view taken by the Commr. (A), we are inclined not to interfere with the decision in regard to the additions as made in respect of the hundi loans of the respective years under appeal. 9. This brings us to consider the addition for the asst. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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