COMMISSIONER OF INCOME TAX Vs. CHHYABANI P LTD

JUDGEMENT

(1.) This reference under Section 256(1) of the I.T. Act, 1961, arises out of the I.T. assessment of Chhyabani (P.) Ltd., Calcutta, the assessee, for the assessment year 1962-63, the previous year relevant thereto ending on the 31st December, 1961.

(2.) In the course of assessment the ITO found cash credits recorded in the books of account of the assessee in the following manner : <FRM>JUDGEMENT_644_ITR121_1980Html1.htm</FRM>

(3.) Save for Rs. 9,500 deposited on the 31st October, 1961, the assessee failed to explain the other cash credits and the ITO added the same as income from undisclosed sources.