ADDITIONAL COMMISSIONER OF INCOME TAX Vs. RAM PRAKASH

JUDGEMENT

(1.) FOR the assessment year 1967 -68, the Tribunal has referred for our opinion the following question of law :

(2.) THE assessee owns a truck which is run in partnership with some other persons. He had 50 per cent, shares in two partnership firms. He filed a return on 29th July, 1968, disclosing an income of Rs. 4,000. The ITO, having come to know that the assessee had made investments to the tune of Rs. 1 -5,000 in purchasing a truck, called upon the assessee to explain its source. The explanation offered by the assessee was not found believable and a sum of Rs. 13,000 was added as income from undisclosed sources.

(3.) THE assessee appealed to the Tribunal. The Tribunal, while allowing the appeal, held: