COMMISSIONER OF INCOME-TAX, WEST BENGAL II vs SATISH CHURN LAW — 1971 PTD 457

Citation: 1971 PTD 457

Court: Calcutta High Court

Year: 1968

Decision Date: 1968-05-03

Parties: COMMISSIONER OF INCOME-TAX, WEST BENGAL II vs SATISH CHURN LAW

Headnotes

Case cited as 1971 PTD 457

Judgment Text

Court Name: Calcutta High Court Judge(s): B. N. Banerjee, K. L. Roy Title: COMMISSIONER OF INCOME-TAX, WEST BENGAL II vs SATISH CHURN LAW Case No.: Income-tax Reference No. 99 of 1965 Date of Judgment:1968-05-03 Reported As: 1971 PTD 457 Result: N/A JUDGMENT JUDGMENT BANERJEE, J.-This reference, under section 66(1) of the Indian Income-tax Act, 1922, has been made in the circumstances hereinafter related. The statement of case relates to the assessment year 1951-52. The assessee is an individual having business in share dealings. He has also some income from property, dividends and other sources. The Income-tax Officer found that the assessee had purchased 3,000 shares of Rani Cherra Tea Co. Ltd. For Rs. 33,000 and 2,500 shares of Indian Iron & Steel Co. Ltd. For Rs. 48,281, the total value of investment being Rs. 81,281 ; but the investment in purchasing shares of Rani Cherra Tea Co. Ltd. For Rs. 33,000 was not entered in the books of the assessee. When the assessee was called upon to explain the source of the investment, he alleged that he had borrowed Rs. 80,940 from his wife. Called upon further to explain how his wife had amassed so much money in her hands, it was said that she received Rs. 32,000 from her father in 1940 and the balance constituted her savings from out of monthly payments of Rs. 500, made to her by tire assessee, for her personal expenses, during the last 10 years. The Income-tax Officer accepted the existence of savings to the extent of Rs. 38,000…

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