1986-VIL-69-ITAT-JAI

Equivalent Citation: TTJ 027, 427,

Income Tax Appellate Tribunal JAIPUR

Date: 24.11.1986

VISHNULAL KARWA.

Vs

INCOME TAX OFFICER.

BENCH

Member(s)  : T. N. C. RANGARAJAN., A. KALYANASUNDHARAM.

JUDGMENT

In this appeal by the assessee the only issue involved is about the treatment of an amount of Rs. 15,000 received as a deposit from Shri R.N. Rathi and Smt. Rani Devi as unexplained. The plea of the assessee before us that Shri R.N. Rathi had given the amount to the assessee by means of cheque drawn in Central Bank of India on 26th Dec., 1980 and the amount was paid back also by cheque. The affidavit of the creditor was filed in which he had mentioned that a sum of Rs. 15,000 was taken by him by means of a loan against his FDR and given to the assessee. There is no dispute to the fact that he had taken the loan from the bank and given the amount to the assessee. The only dispute that is raised by the Department is that since the deposit was made by the assessee on 1st Dec., 1980 in the village Mathania which is the place where the assessee is carrying on the business while the creditor is residing at Jodhpur which is 40 km. away from the place of business of the assessee. The plea of the assessee was the creditor has been carrying on small general merchandise business and he is over 70 years of age and had been in business for over 20 years and only as a matter of convenience to the assessee he had deposited the amount in the bank in the village in which the assessee carried on the business and taken the loan. The argument of the Department was that on these facts it is clearly a case of make belief story and, therefore, the authorities below were justified.

2. On the facts as they are, is clearly indicative that the circumstances are quite suspicious by this by itself does not lead to the conclusion that the amount belongs to the assessee. In the absence of any other evidence to the contrary disbelieving the evidence as such would not be proper and accordingly we allow the appeal of the assessee.

 

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