L. B. BELAMKAR vs COMMISSIONER OP INCOME-TAX, MYSORE — 1971 PTD 929

Citation: 1971 PTD 929

Court: Mysore High Court

Year: 1968

Decision Date: 1968-10-16

Parties: L. B. BELAMKAR vs COMMISSIONER OP INCOME-TAX, MYSORE

Headnotes

Case cited as 1971 PTD 929

Judgment Text

Court Name: Mysore High Court Judge(s): Ahmed Ali Khan, A. R. Somnath Iyer Title: L. B. BELAMKAR vs COMMISSIONER OP INCOME-TAX, MYSORE Case No.: Case No. 8 of 1967 Date of Judgment:1968-10-16 Reported As: 1971 PTD 929 Result: order made JUDGMENT JUDGMENT SOMNATH IYER, J.-----The assessee is a registered firm in Hubli, one of whose activities, according to the finding of the income-tax authorities, was to purchase gold. The assessment year was 19.59- 60. On January 30, 1958, when an employee of the assessee took five bars of gold weighing 611 tolas to the National Refinery in Bombay for being made into bars, the Customs authorities seized it. On October 10, 1959, an order of confiscation was made under the Sea Customs Act. But in the appeal preferred by the Income-tax Officer, the Income-tax Appellate Tribunal reversed the finding of the Appellate Assistant Commissioner and substituted a finding that the gold was acquired by the assessee out of its income from undisclosed sources. But it directed the addition of a smaller sum of money amounting to Rs. 48,880 which was the value of the gold calculated at a rate lower than the market rate. The assessee then made an application under section 66(1) to the Tribunal in which he wanted six questions to be referred to this Court. The Tribunal dismissed that application. But, on an order made by this Court under section 66(2), the Tribunal has now referred to this Court two questions of law which read: "(1) Whether there was any…

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