T.P. CHAURASIA Vs. INCOME

JUDGEMENT

(1.) The petitioner was assessed as individual for the assessment year 1962-63 (accounting period ending Dewali 6.11.61). The petitioner was assessed by the Income-tax Officer, Mr. K. Sinha. The total income was computed by the said Income-tax Officer at Rs. 1,70,613. During the said assessment year, according to the petitioner, he obtained loans by way of Handies from several parties and paid interest on the said loans for the said year.

(2.) The petitioner alleges that he produced all books of accounts, statement of details of the accounts in regard to his income and expenditure as well as the creditors and other evidence at the time of original assessment and the assessment was completed after taking into consideration all the material facts disclosed by the petitioners.

(3.) Against the order of assessment the petitioner appealed. The said appeal was allowed in part by order dated July 23, 1970 of the Appellate Assistant Commissioner oi Income-tax. Thereafter the petitioner appealed to the Tribunal against the said decision of the Appellate Assistant Commissioner of Income-tax.