1989 (2) TMI 39

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..... er occasion notice was also served on Himatsingka & Co. but in spite of that, none has appeared even today. The Tribunal, has referred the following question of law under section 256(1) of the Income-tax Act, 1961 ("the Act"), to this court "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that out of the total unexplained cash credits of Rs. 4, .....

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..... rst day of the accounting year of the assessee-company was a credit item. If it was an income from business source even on the first day of the incorporation it was for the assessee to explain how he earned that income. In the absence of such evidence or explanation, the Tribunal was right in treating the income as income from other sources. Accordingly, the question is answered in the affirmativ .....

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