9911796707
TMI Blog1996 (1) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... tion No. 66/(Ind) of 1994 on September 21, 1994, the applicant-assessee has filed this application under section 256(2) of the Income-tax Act, 1961 (for short, "the Act"), to direct the Tribunal to state the case and refer two out of the four proposed questions of law, as noted below, arising out of the order dated March 11, 1994, passed by the Tribunal in I. T. A. No. 907/(Ind) of 1992 for the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth carrying on the business in the name of "Ashoka Trading Company" as proprietary concern owned by Ashok Pal Daga as karta of a Hindu undivided family. During the course of its business, this concern borrowed money from various parties. The Assessing Officer, however, made additions under section 68 of the Act on the ground of alleged unproved cash credit and also disallowed interest on the corr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pted. The applicant then filed the reference application under section 256(1) of the Act. The Tribunal declined to refer the questions and rejected the application. The applicant, thereafter, filed this application under section 256(2) of the Act. We have heard Shri G. M. Chaphekar, learned senior counsel, with Shri Subhash Samvatsar and Shri Sharda for the applicant, and Shri D. D. Vyas, learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty the assessee satisfies the Income-tax Officer as to the identity of the third party and also supplies such other evidence which will show, prima facie, that the entry is not fictitious, the initial burden which lies on him can be said to be discharged by him. It will not thereafter be for the assessee to explain further how or in what circumstances the third party obtained money and how or why ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons are questions of law arising out of the order and are required to be referred for our opinion. In the circumstances, we allow this reference application and direct the Tribunal to state the case and refer the aforesaid two questions of law for our opinion as expeditiously as possible. There shall, however, be no orders as to costs. Counsel fee, however, is fixed at Rs. 750, if certified. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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