2002 (4) TMI 9

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....ications under section 256(2) of the Income-tax Act, 1961, are at the instance of the Revenue from the order of the Income-tax Appellate Tribunal dated September 3,1997. Income-tax Reference No. 43 of 1998 pertains to the assessment year 1981-82 and Income-tax Reference No. 1 of 1998 pertains to the assessment year 1982-83 and the same assessee, namely, Ishwardass Mutha. In D.B. Income-tax Refe....

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....tax (Appeals). Before the Income-tax Appellate Tribunal, it was contended that the Assessing Officer has committed error in taking the debit side only, he could take into account the peak credit. This contention was accepted and worked out the peak credit of Rs. 48,000 out of the addition of Rs. 78,000 made by the Assessing Officer. Thus, the Tribunal sustained the addition only to the extent of p....