9911796707
TMI Blog1980 (2) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... revious year relevant to the asst. yr. 1971-72 under appeal, the assessee had opening balance of Rs. 20,624 which was at the end of the previous year at 42,624. The ITO wanted to know the source from which the accretion to this account had resulted. The assessee stated that Rs. 12,000 came from the sale of movie equipment and the balance came as gifts of Rs. 5,000 each from Smt. Rali Devi and Hakim Kashi Ram. Thus there was accretion to the capital to the tune of Rs. 22,000 apart from the profit from the business during the year under appeal. Evidence regarding the gifts was filed before the ITO. According to the ITO, no positive evidence was produced for the sale of movie equipment, and according to him, the assessee had agreed that the am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the addition of Rs. 12,000 has to be considered on merits. For this purpose, I would restore the, appeal to the file of the AAC with a direction that the addition of Rs. 12,000 irrelevant. Has to be considered on merits, after giving a due opportunity to the assessee. The agreement, if any made by the assessee for the asst. yr. 1973-74 is relevant so far as these proceedings are concerned". Thus the appeal went back to the AAC on this issue. 3. The present order in appeal before us is in consequence of the above order of the Tribunal. In this order, the AAC has accepted the contentions of the assessee that the assessee had purchased one Movie camera and its equipment for an amount to Rs. 8,000 from Ana Private Limited, New Delh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue by bringing on record any evidence. The Revenue, therefore, has not made out any case for an interference in the order of the AAC. 5. We have carefully considered the rival submissions and we find no justification for an interference in the order of the AAC. The AAC is apparently satisfied about the contentions made before him and when he made an order accepting those contentions, we have to take it that those contentions from the basis of his judgment. Here we find that the party to whom the camera was sold is mentioned, the number of the draft is given, the date of its receipt is recorded and the date of the cash credit is given. Since there is reasonable nexus between the sale of the camera and the cash credit appearing in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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