COMMISSIONER OF INCOME TAX Vs. DWARKA PROSAD BAZAZ

JUDGEMENT

(1.) Dwarka Prosad Bazaz, the assessee, was a partner of Mahadeolal Ramniwas, a firm. In the assessment year 1964-65, the previous year ending on November 15, 1963, the said firm was dissolved and the assessee took over the business of the said firm as the sole proprietor thereof.

(2.) In the said assessment year, the assessee was assessed to income-tax and the share of the income from the said firm which was allocated to the assessee was included in the total income of the assessee.

(3.) In the books of account of the firm, there were four cash credits respectively of Rs. 1 lakh, Rs. 1 lakh, Rs. 25,000 and Rs. 75,000 standing in the respective names of Govindram Ramnarayan Das, N. K. Sharaff, B. H. Sharaff and Babulal Kasera. It appears that at the time of assessment of the firm or that of the assessee, confirmation letters from the said creditors, the GIR numbers of their files as also the designation of the Income-tax Officers in whose jurisdiction the said creditors were being assessed were furnished. The said loans were accepted and the assessment was completed on September 30, 1966, accordingly by the Income-tax Officer, "C" Ward, Asansol.