LAJWANTI SIAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS reference is made by the Tribunal, Bombay (hereafter called the Tribunal), under s. 66(2) of the Indian IT Act, 1922, in accordance with the direction of this Court in Miscellaneous Civil Case No. 10 of 1953. The following questions of law have been submitted :

(2.) MISCELLANEOUS Civil Case No. 10 of 1953, has been the subject of some observations by Rao and Tambe, JJ., in Munnalal Biharilal vs. CIT (Miscellaneous Civil Case No. 218 of 1953, decided on 23rd Sept. 1955). With the utmost respect, we would state that there was no occasion for any such comment as there was no decision in that case. The case is now being decided by this order.

(3.) THE assessee was R. S. P. S. Sial, since deceased who is now represented by his widow, and his sons and daughters. In the account year 1947 -48 there was a credit amount of Rs. 14,600 on 31st March, 1948, to his personal account in the books of his head office. This amount was held to be his business income by the ITO. He wrote in brackets the words 'No explanation offered' and below that remark he observed :