PIONEER TRADING SYNDICATE Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) MESSRS. Pioneer Trading Syndicate, the assessee, carried on business in sports goods and also in radio and allied things. For the assessment year 1967-68, the ITO found in the assessee's books the following credit entries : <FRM>JUDGEMENT_5_ITR120_1979Html1.htm</FRM>

(2.) THE assessee had purchased a motor car for Rs. 14,500. According to him, the source of this money was two other deposits credited in the assessee's books, namely, of Rs. 10,000 by Sri Jagat Ram and of Rs. 14,500 by Smt. Viranwali. Sri Jagat Ram is the father and Smt. Viranwali, the mother of the assessee. THE ITO found that the explanation in respect of these credit entries was not satisfactory. He added all these credits amounting to Rs. 43,100 as the assessee's income from undisclosed sources.

(3.) THE Tribunal submitted a statement of the case for eliciting the opinion of this court on the following question of law I