9911796707
TMI Blog1981 (5) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... ilure to comply with the notice issued by the ITO with the result an assessment under s. 144 was made. The ITO made three additions which have been disputed. They are — (i) Income from business was estimated at Rs.5,000 as against Rs. 2,850. (ii) Income under s. 69A Rs. 2,540. This was added on the ground that the assessee was in possession of some silver bars, the source of which was not ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0. Having regard to the facts and circumstances of the case, we consider it proper to accept the returned income. (b) So for as the income form unexplained investment under s. 69A is concerned, the same cannot be added in this year at all. Unfortunately both the authorities below have missed one important fact. The addition arose because the Customs Department seized some silver and other articl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annot stand and the same is deleted. 4. In so for the addition on account of income from smuggling business is concerned, this has been based only on the seizure made by the Customs authorities. The case against the accused ended in acquittal by a judgment of the Magistrate dt.29th Aug., 1979. It is only on surmise that income was estimated from smuggling activities. There is no evidence whatsoe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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