Writ rejected while appellate remedy exists

The Madras High Court declined to interfere with an income tax assessment order that treated certain property-related entries as unexplained cash credits under Section 68 of the Income-tax Act. 

The Court held that no jurisdictional error or violation of natural justice had been demonstrated and that the issues raised by the assessee involved mixed questions of fact and law which ought to be examined by the statutory appellate authority. 

Accordingly, the writ petitions challenging the assessment and consequential penalty orders were disposed of with liberty to pursue the appellate remedy under Section 246A of the Act.