AJIT KUMAR SENGUPTA, J.

( 1 ) FOR the assessment year 1964-65, the assessee, an unregistered firm, filed the return of income on November 5, 1964, disclosing an income of Rs. 39,328. The assessment was completed on March 3, 1969, under Section 144 of the Income-tax Act, 1961, on a total income, of Rs. 1,86,500, comprising estimated business income of Rs. 60,000 and that from other sources at Rs. 1,26,500. The said best judgment assessment under Section 144 of the said Act was made as the assessee failed to comply with the specific requisition to produce books of account, bank pass book, etc. , on the specified date. In the course of the assessment proceeding, the Income-tax Officer noticed loan accounts in the name of five parties, which inclusive of interest payments amounted to Rs. 1,26,500. Summons under Section 131 of the Act were issued to the five creditors but those could not be served on two creditors. Though the other three parties accepted the summons, they did not comply with the terms of the said summons. As the assessee did not avail of the opportunities given for producing the five creditors before him for the purpose of verification of the loans, the Income-tax Offi

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