TaxTMI 
TaxTMI 
2004 (9) TMI 67
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....following two questions of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), have been referred for the opinion to this court: "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in rejecting the claim of the assessee that the credits were genuine borrowings and not his untaxed funds and restoring the addi....
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....at they were trade deposits. However, the applicant was not in a position to give addresses and their confirmatory letters have also not been filed. In respect of the other two deposits the source of deposits could not be explained and in this view of the matter the Income-tax Officer added the entire amount as income from the undisclosed source by invoking the provision of section 68 of the Act. ....
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....ct of the deposit made by Dharam the Tribunal has found that he had no source at all as he was doing some business here and there. The findings recorded by the Tribunal are based on appreciation of material on record and are findings of fact and do not suffer from any legal infirmity. They are binding on this court in a reference under section 256 of the Act. In view of the findings recorded by t....