1995 (12) TMI 51

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..... ions for the opinion of this court : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in deleting the addition of Rs. 14,76,067 being unexplained investment in getting the drafts purchased through Shri Bhagwan Das, munim of the firm, ignoring the facts that the drafts to the tune of Rs. 3.2 lakhs were found credited in the books of account of one .....

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..... Bhagwan Das also purchased 14 drafts which stand credited in the books of the assessee. So far as the 14 drafts are concerned, there is no controversy, because they are duly credited in the books of the assessee. So far as the 28 drafts are concerned, Shri Bhagwan Das was examined and then he stated that those drafts had been purchased by him. These drafts are not credited in the books of the a .....

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..... prepared were traced and the amounts were found credited in their accounts. On these facts, the Tribunal took the view that 28 drafts had been purchased by Shri Bhagwan Das on his own account and that there was no nexus between those drafts and the assessee. Also the Tribunal held that the assessee successfully explained the fall in the gross profits. There is nothing on record to indicate that .....

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