1980 TAX. L. R. 726 ::(1980) 15 Cur Tax Rep 138 (Ker) ::(1980) 15 CurTaxRep 472 ::123 I T R 3 ::(1980) Ker LT 45 ::(1980) 1 I T J 445 ::(1980) ILR(ker) 1 KER 523 ::ILR (1980) 1 Ker 523

Kerala High Court

Hon'ble Judge(s): V P Gopalan Nambiyar , C.J. AND G. Balagangadharan Nair , J

Income-tax Act (1961) , S.69, S.254— Assessee's explanation as to source of investments rejected - Under Section 69 authorities have discretion to treat value of investments as income-Tribunal in appeal under Section 254 can interfere with discretion. Under Section 69 rejection of assessee's explanation as to source of investments does not automatically result in deeming value of investments as income of assessee. That is still a matter of discretion of authorities and therefore of the Tribunal. Section 254 confers very wide power on the Tribunal in disposing of an appeal so that the Tribunal can interfere with the judicial discretion exercised by the lower authorities under Section 69 and substitute the same by its own discretion.(Para 2)