CHHOTALAL AND CO ESSO Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) SHORTLY stated, the facts leading to this reference are as under :

(2.) THE assessee filed a return of income for the year 1964 65 on March 6, 1965, declaring a total income of Rs. 39,730. It appears that before the assessment order was actually passed, the assessee filed on March 25, 1965, a disclosure petition under S. 24(11) of the Finance (No. 2) Act of 1965 addressed to the CIT making the following disclosure :

(3.) RS . 50,000 being the amount of accommodating hundies used in the business in S. Y. 2019.