PRINCIPAL COMMISSIONER OF INCOME TAX,CUTTACK vs. SRINIVAS SAHOO

Appeal are allowed

Bench: MR. JUSTICE K. S. JHAVERI (CJ),MR. JUSTICE K.R.MOHAPATRA

68 of the Act cannot be made applicable in the present case. 8.2 From reading of section 69 of the Act, it is evident that where in any financial year relevant to assessment year the assessee had made investments which are not recorded in the books of account and the assessee furnishes no explanation about the nature and source