2002 PTD 1040

Case Laws / Head Notes / Paras

Acceptance of explanation of assessee by Tribunal-----Question of fact---The assessee’s income is to be assessed by the Income-tax Officer on the basis of the material which is required to be considered for the purpose of assessment and ordinarily not on the basis of the statement which the assessee may have given to a third party unless there is material to corroborate that statement of the assessee given to a third party, even if it be a bank. The treated as having resulted in an irrefutable presumption against the assessee. The burden of showing that the assessee had undisclosed income is on the Revenue. The burden cannot be said to be discharged by merely referring to the statement given by the assessee to a third party in connection with a transaction which was not directly rela...