This appeal by certificate of fitness granted by the Bombay High Court under Section 261 of the Income tax Act, 1961 hereinafter referred to as the Act , is directed against the judgment of the said High Court see 1980 122 ITR 735 , dated January 16, 1979, in I. T. R. No.
After the said decision of the Tribunal, the Income tax Officer issued a numberice under Section 147 of the Act to the assessee in respect of the assessment year 1958 59 and on reassessment he redetermined the income of the assessee for that year at Rs.
47,000 should be treated as income for the assessment year 1957 58 and this amount was added by him to the income for the assessment year 1957 58.
The said question was reframed by the High Court in the following terms page 740 Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that Explanation 2 to section 153 of the Income tax Act, 1961, was number applicable ?
The Appellate Assistant Commissioner was of the view that by reason of Section 153 3 the time limit as provided in Section 153 1 would number apply.
The Tribunal referred the question of law to the High Court for opinion.
47,000 in the assessment of the assessee for the year 1956 57 under the head Income from other sources.
The Income tax Appellate Tribunal held that the said amount companyld only be companysidered in the assessment year 1958 59 inasmuch as the amount was required to be companysidered as income from undisclosed sources.
After receiving the necessary information about the said recovery, the Income tax Officer included the said amount of Rs.
25 of 1970.
The facts briefly stated are as follows During the companyrse of a raid by the customs authorities cash amount of Rs.
47,000 was found in the locker standing in the name of the assessee with the Punjab National Bank.
