Jainarayan Balabakas Of Khamgaon vs Commissioner Of Income-Tax, Madhya ... on 7 September, 1956
The third judgment in Jainarayan Balabakas of Khamgaon v. CIT [1957] 31 ITR 271 (Nag). In that case the court was considering as to whether the mere fact that the joint family owned suitable funds is not sufficient to throw liability on the joint family, unless there is evidence to show that those funds were not used for the purpose of business. In the case on hand from the seized documents a presumption could certainly be drawn that the funds were used for the purpose of Matka business.