2004 (10) TMI 50

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....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 rejection of their application made under section 256(1) of the Act by the Tribunal vide order, dated November 16, 1998, passed in R.A. No. 148/Ind./98, arising out of the order dated June 25, 1998, passed by the Tribunal in I.T.A. No. 545/Ind/94 i....

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....ces on account of unproved cash credits, the Revenue was required to bring material on record during penalty proceedings to show that the cash credits were not genuine and that the Supreme Court judgment in the case of G.C. Agarwal v. CIT [1990] 186 ITR 571 and the Madras High Court in the case of H. V. Venugopal Chettiar v. CIT [1985] 153 ITR 376 do not render any assistance to the Revenue? 2.....

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....iew that the questions proposed are essentially questions of fact and cannot be termed as questions of law for being referred to this court for answer. In other words, none of the questions proposed can be said to have arisen out of the order passed by the Tribunal in appeal nor can they be said to be questions of law. The Tribunal was, therefore, justified in rejecting the application made under ....