Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : 195222ITR208(Nag.)
This is an application under Section 66(2) of the Indian Income-tax Act. The assessee is a trader of Malkapur. In the assessment year 1943-44 for the account year ending Diwali 1942, the assessee did not produce the books of account saying that those books along with one cash book of Samvat 1999-2000 were stolen from the railway train between Wardha and Nagpur. This explanation was accepted and income was worked out on the basis of other evidence and assessment was made under Section 23(3). In the subsequent assessment year also the books for the account year were not produced for the same reason. The assessment was made under Section 23(3) on an estimated income of Rs. 5,000, though the assessee had returned a loss of Rs. 8,708. That loss could not be proved in the absence of account books. In the assessment year 1945-46, which is the year with which we are concerned, the assessee was required by a notice under Section 22(4) to produce in account books for the two years preceding the...
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