2004 (10) TMI 41

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....elivered by A.M. Sapre J.- This is an application made by the Revenue (Commissioner of Income-tax) under section 256(2) of the Income-tax Act, 1961, consequent upon the dismissal of their application made under section 256(1) of the Act by the Tribunal in R.A. No. 126/Ind of 1997, which in turn arises out of an order passed by the Tribunal dated July 17, 1997, in I.T.A. No. 887/Ind of 1992 pert....

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....Mandlik, learned counsel for the applicant. These are the questions which the Revenue has proposed for being answered by this court on a reference being called for from the Tribunal under section 256(2) of the Act: "(i) Whether, on the facts and in the circumstances of the case, the hon'ble Tribunal was justified in deleting the additions of Rs. 70,60,749 and Rs. 66,78,000 holding that the a....

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....ce on account of excess cash utilised elsewhere for earning income?" Having heard learned counsel for the petitioner and having perused the record of the case, we are of the opinion that no referable question arises in this case and the question really involved in the case, is a question of fact. Accordingly, the Tribunal did not commit any error when it declined to make a reference to this cou....

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....offered by the assessee was accepted by the Tribunal. The Tribunal had the jurisdiction to accept the explanation offered by the assessee and it was rightly accepted. This court cannot go into the question, i.e., as to whether the explanation offered by an assessee constitutes sufficient cause or not in proceedings under section 256(1) of the Act? We, therefore, agree with the observations made by....