LAWS(MAD)-2002-6-89

VASANTHI VISWESWARAN Vs. ASST CIT

Decided On June 04, 2002
VASANTHI VISWESWARAN Appellant
V/S
ASSISTANT COMMISSIONER OF INCOME-TAX Respondents

JUDGEMENT

(1.) THE assessee comes on an appeal against the concurrent orders by the lower authorities. THE substantial questions of law, as are disclosed from the appeal memo are as under :

(2.) WHILE arguing, learned counsel for the appellant sought to reframe the questions and claimed that the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal"), had erred in disbelieving the case of the asses-see that she had received a loan of Rs. 1,12,500 from R. S. K. Shanmugavel. Learned counsel also urged that the Tribunal had erred in disbelieving the case of the assessee that she had her personal savings of Rs. 14,572.50. The thrust of the argument was that these amounts could not have been treated as undisclosed income, particularly because, in some of the years in the block period of April 1, 1985 to July 26, 1995, the income of the assessee was below the tax limits. Learned counsel further urged that the authorities have not given a specific finding as to which particular shares were purchased by which particular amount. In the absence of these findings, according to learned counsel, there was a clear breach of law. A few facts would be necessary to understand the controversy.