NARAYANAN CHETTIAR INDUSTRIES Vs. INCOME-TAX OFFICER

JUDGEMENT

(1.) THIS is an appeal under Section 260a of the Income-tax Act which was admitted on the following substantial question of law:-

(2.) WE have heard the learned counsel for the parties and perused the records, including orders of the Income-tax authorities. All the authorities have decided on the above point against the assessee.

(3.) THE question is as to whether the amount in question can be added as income in the hands of the assessee under Section 41 (1) of the Income-tax Act.