1995 (1) TMI 4

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....ing to direct the Income-tax Appellate Tribunal to refer to it, under section 256(2) of the Income-tax Act, 1961, the following question : "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the sum of Rs. 55,000 included in the assessee's total income as unexplained cash credits cannot be taken into account to determine whether the payment mad....

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....by cheques. In deciding the penalty appeal, however, the Tribunal had held that no evidence had been led on behalf of the Revenue to prove that the assessee's explanation was false. There was also no evidence which conclusively established the concealment of income. The penalty appeal had been rejected. For the aforesaid reasons, the Tribunal had concluded that its finding that the amount of Rs. 5....