1988 (8) TMI 68

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..... ation under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The material facts giving rise to this application, briefly, are as follows The assessee is assessed in the status of a registered firm. While framing the assessment of the assessee for the assessment year 1975-76, the Income-tax Officer held that certain cash credits were not satisfactorily explained .....

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..... ted, the assessee has filed this application. Having heard learned counsel for the parties, we have come to the conclusion that the following question of law does arise out of the order passed-by the Tribunal : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the cash credit amounting to Rs. 55,000 was the income of the assessee as the asses .....

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