2001 (10) TMI 11

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..... opinion of this court. - - - - - Dated:- 10-10-2001 - Judge(s) : RAJESH BALIA., ARUN MADAN. JUDGMENT The judgment of the court was delivered by R.Balia J. -Heard learned counsel for the Revenue. No one appears for the assessee in spite of service. This is an application under section 256(2) of the Income-tax Act, 1961, at the instance of the Revenue requiring the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, to state the case and refer the following questions of law said to be arising out of the Appellate Tribunal's order dated March 13, 1984, for the assessment year 1975-76 in the case of the respondent-assessee: "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that .....

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..... n of the assessee's business of pawning and to that extent partly accepted the appeal. However, for the balance of 12 kgs. of gold found in the possession of the assessee, the explanation of the assessee was not accepted by the Commissioner of Income-tax(Appeals). On further appeal before the Tribunal, the Tribunal accepted the claim of the assessee that out of the remaining 12 kgs. gold, five kgs. gold belonged to three daughters-in-law of the assessee and not to the assessee. The remaining seven kgs. of the gold was valued at Rs. 1,85,000. The Tribunal held as under: "As far as the assessee-Hindu undivided family is concerned, the fact which the Department is not disputing is that the business is being carried on of pawning, etc., .....

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..... n of the Tribunal is erroneous that no questions of law arise out of its appellate order, inasmuch as questions Nos. 2 and 3 clearly invite interpretation of section 69A which reads as under: "69A. Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion .....

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