9911796707
TMI Blog2001 (9) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Officer treating the cash credit of Rs.50,000 in the name of Sri Chandan Mahanta on August 16, 1986, and Rs.15,000 in the name of Shri Manoj Nittal on September 12, 1986, in the books of the assessee as income of the assessee from undisclosed sources? (2) Whether, on the facts and in the circumstances of the case, the Tribunal has not misdirected itself in law in upholding the findings of the Income-tax Officer and the Commissioner of Income-tax (Appeals) and in holding that the assessee failed to prove with documentary evidence the creditworthiness of the loan creditors?" For the assessment year 1987-88, the assessee submitted her return of income showing a total income of Rs.65,850. In so far as the facts material to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, the learned Tribunal has referred the abovenoted two questions to this court for its opinion. We have heard Mr. A.K. Jain, learned counsel for the assessee. None has appeared for the Revenue. The conclusions of the learned Tribunal as to whether the amounts claimed by the assessee to be loans are essentially conclusions on the questions of fact. This court while exercising its advisory jurisdiction under section 256 of the Act would not convert itself into a court of appeal and enter into a reappraisal of the evidence and materials on which the conclusions of the learned Tribunal have been reached. The apex court in the case of Rameshwar Prasad Bagla v. CIT [1973] 87 ITR 421 has laid down the proposition as stated above. It may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red with. The finding may also be interfered with if it be found to be so unreasonable that no person acting judicially and properly instructed as to the relevant law could have arrived at it." The correctness of the conclusions of fact arrived at by the learned Tribunal within the parameters of the law laid down by the apex court in the case of Rameshwar Prasad Bagla [1973] 87 ITR 421, can only be gone into by the High Court in the exercise of its jurisdiction under section 256 of the Act, if an appropriate question of law in this regard has been framed and referred to the High Court for its opinion. The aforesaid position may be taken to be settled law in the light of several judgments of the apex court of which reference may be made to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the aforesaid question No. 2. We have perused the relevant portion of the order of the Tribunal dated September 21, 1993, the order dated August 10, 1990, passed by the Commissioner of Income-tax (Appeals) as well as the assessment order passed by the jurisdictional Income-tax Officer. A perusal of the aforesaid orders discloses that it is on record that one of the creditors, Sri Chandan Mahanta who allegedly advanced a loan amounting to Rs.50,000 to the assessee had a monthly income of Rs.1,400 to Rs.1,500 from the fabrication business which is stated to have been started in the year 1984, with an initial capital of Rs.12,000. The total turnover of the business of the aforesaid creditor was found to be approximately Rs.1,00,000. The sai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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