1994 (12) TMI 339

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....re referred to by this reference are questions of fact, within the limited powers, we will have to consider whether there should be interference in the matter of these questions. 2. The assessment year is 1974-75, ending on 31st March, 1974. The questions referred are as follows : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is justified and had materials or....

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....1, a statement found during the course of search showed the said income as on 31st May, 1973, to be ₹ 4,606. The ITO adopted this figure. This figure also was endorsed by the appellate authority; and (2) similarly, again in the course of search when certain books were seized, in one of them recording the transaction of Punalur head office, especially at folio 350, showing "anamat varavu....

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....sence of corroboration from any other source, even from the books that were produced before the ITO. The Tribunal has observed that the possibility that the figure would represent profits for some other period which may be more than 12 months. Taking into consideration the above reasoning, together with the fact that already an amount of ₹ 1,191 is accepted by the officer, leaving a differen....

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.... In addition to it, the manner in which this material in question has been described by the Tribunal also shows that the material would not inspire any confidence for acceptance and it is only after acceptance of the material that the ultimate amount which comes as a result of its peak could be acted upon. Additionally it cannot be lost sight of that. In such situation the ITOs have powers of taki....