Suhas Chandra Sen, J. - (1.) M/s. K. McDill & Co. (P.) Ltd. carries on business as mine owners and exporters of various minerals.
(2.) The assessee returned an income of Rs. 12,07,570 for the assessment year 1959-60, for which the relevant accounting period is the one ending on 31st July, 1958. The assessment, however, was completed by the ITO on a total income of Rs. 18,97,624 on the 19th April, 1963. The ITO included in the total income of the assessee cash credits amounting to Rs. 2 lakhs and a sum of Rs. 5 lakhs on account of alleged suppression of production and sales under the head "Business". The tax payable by the assessee was determined at Rs. 10,47,356.
(3.) The assessee preferred an appeal and the AAC by his order dated 12th January, 1967, reduced the total income to Rs. 10,25,206. The additions on account of cash credit and suppression of production and sales were deleted.;