2000 (9) TMI 49

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..... he case to this court on the following questions : "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in giving a finding that the amount of Rs. 3,20,760 which was added on account of surrender of cash credit represented the undisclosed income from the business of the assessee ? (2) Whether there was any material evidence before the .....

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..... om other sources. For that the Income-tax Officer took into consideration that the assessee had not filed a revised return. The assessee being aggrieved by the decision of the Income-tax Officer, filed an appeal before the Commissioner of Income-tax (Appeals) under section 246 of the Income-tax Act, inter alia, contending that these credits were never detected by the Income-tax Officer, but surren .....

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..... y of hearing and in such circumstances, were referable only to the business income, in view of the decision cited above. A mere technical formality of not filing a revised return in any way does not come in the way of treating the credits as business income." Thereafter the Revenue filed an appeal before the Income-tax Appellate Tribunal at Indore. The Tribunal affirmed the order of the Commiss .....

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..... e-tax Act. By order dated August 10, 1992, the Tribunal declined to make a reference holding as follows : "Cash credits totalling Rs. 3,20,760 in the books of account of the assessee-company for the period relevant to the assessment year 1985-86 in the name of the late Sanjay Kumar Kasliwal, son of one of the directors of the assessee-company, could not be explained and, therefore, were offered .....

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..... stion of law, therefore, arises." Thereafter the Revenue has filed this application under section 256(2) of the Act to refer the case to this court on the same question as set out in this application. From what has been stated above, it is apparent that the Tribunal declined to make reference holding that the findings were based on appreciation of evidence. We are of the opinion that the co .....

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