- (1.) THE petitioner-firm is an assessee of the I. T. department. The petitioner filed' the return for the assessment year 1959-60 and the assessment was completed on 16th November, 1959. According to the petitioner, all relevant facts which were required for making an assessment were disclosed by him. However, the I. T. Dept. had some suspicion that a sum of Rs. 95,000 which was borrowed from the following companies: Rs. 1. Ashok Kumar Gola Chand, 20,000bombay
(2.) JAMUNA Dass Vasudev, Bombay 15,000
(3.) MEGHRAJ Sewaram, Bombay 20,000;