ARAVALI TRADING CO. Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THIS appeal is filed against the order of the Tribunal, Jodhpur Bench, Jodhpur, dt. 8th Nov., 2002. The following substantial questions of law were framed while admitting the appeal:

(2.) WHETHER in the facts and circumstances of the case the rejection of explanation furnished by the appellant, explaining the cash credits of persons named in question No. 1, for the reasons are perverse by ignoring the objective material available to the assessee?

(3.) IT is pointed out by the assessee that even from the statements recorded by the two ladies in the absence of the assessee at his back (which) are taken into account, Smt. Ramkanwari has stated that main source of her income is annual sale of fodder of Rs. 2.5 lacs to 3 lacs and she has stated that her accounts are kept by her husband and he only knows about all her financial matters and that she is lending money for last four to five years and earning interest thereon. She admitted to have lent Rs. 60,000 to some Merta party also, details of which she could not divulge because her husband looks after her money matters. However, while alluding the statement of Smt. Ramkanwari, all these matters have not at all been noticed but only the statement out of context have been noticed where she has pleaded ignorance about the details.