9911796707
TMI Blog1992 (2) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... as been referred under section 256(1) of the Income-tax Act, 1961 (in short, "the Act"), by the Income-tax Appellate Tribunal, Cuttack Bench, Cuttack (in short, "the Tribunal") : "Whether, in the facts and circumstances of the case, further addition to Rs. 35,753 as unexplained investment is justified when estimate is reported to and further if the said Rs. 35,753 even on estimate should have be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee challenged the additions in appeal before the Commissioner of Income-tax (Appeals). The additions on the aforesaid accounts were assailed before the said authority. On going through the accounts, the Commissioner of Income-tax (Appeals) was satisfied that the peak shortage of cash as worked out by the Incometax Officer was correct. The assessee had also not given any cogent explanatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the assessee's appeal is concerned, the Tribunal held that there was no cogent explanation offered for the shortage and, therefore, the authorities were justified in making the addition. The assessee filed an application under section 256(1) making a motion for reference of four questions to this court. But the Tribunal only referred the question indicated above. On consideration of the materi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he taxing authority as to whether the unexplained expenditure or investment could be reasonably attributed to a pre-existing fund of concealed income. The true nature of the deficit and the pre-existing fund, if any, have to be ascertained. A number of circumstances of vital significance which are almost difficult to enumerate have to be considered. The assessee who wants to take the benefit of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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