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1 - 3 of 3 (0.16 seconds)Baladin Ram vs Commissioner Of Income-Tax, U.P on 21 August, 1968
In Baladin Ram v. CIT [1969] 71 ITR 427, it has been held by the Supreme Court that it is now well settled that the only possible way in which income from an undisclosed source can be assessed or reassessed is to make the assessment on the basis that the previous year for such an income would be the ordinary financial year. Even under the provisions embodied in s. 68 of the said Act, it is only when any amount is found credited in the books of the amount so credited may be charged to tax as the income of that previous year, if the assessee offers no explanation or the explanation offered by him is not satisfactory.
Section 256 in The Income Tax Act, 1961 [Entire Act]
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