2002 (1) TMI 1307

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....lication under section 256(2) of the Income-tax Act, 1961 ('the Act') is at the instance of the assessee Shri Parswanath Granite Industries (P.) Ltd. The assessee is a private limited company, engaged in the business of manufacturing granite slabs out of granite stone blocks and purchase and sale thereof. The Assessing Officer while completing the assessment proceedings for the assessment year 198....

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....ector of the company was also not produced before the Assessing Officer. Thus, the genuineness of the credit standing in the name of Suresh Kumar Golecha could not be examined and the assessee failed to discharge the onus cast upon him. In view of this, the Assessing Officer added both the cash credits as not proved. The finding has been confirmed by the Commissioner (Appeals) as well as by the Tr....