2001 (10) TMI 31

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....AHAR LAL GUPTA J.-These are three revenue petitions under section 256(2) of the Income-tax Act, 1961. The Revenue maintains that the following three questions of law arise for consideration and that the Income-tax Appellate Tribunal be directed to refer these for the opinion of this court: "1. Whether the Income-tax Appellate Tribunal erred in law in upholding the order of the learned Commissio....

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....d counsel for the parties have been heard. Mr. R. P. Sawhney, learned counsel for the Revenue, contends that the assessee was not maintaining his accounts properly. Thus, the Assessing Officer had made certain additions in the declared trading results. These were wrongly reduced by the Commissioner of Income-tax (Appeals). This order was later on affirmed by the Tribunal. Thus, counsel submits ....

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....ent assessees. No petitions for reference were filed by the Revenue in the remaining 33 cases. Thus, while considering the petitions under section 256(1) of the Act, the Tribunal, inter alia, noticed that "the Department has not filed any reference application in the cases of all other dealers...". Still further, the Tribunal also noticed that it was "on the basis of appreciation of entire relevan....

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....ing Officer had made addition on account of unexplained investment. After consideration of the matter and the entire evidence on the record, the Commissioner had found that the addition to the extent of two per cent. of the allegedly unrecorded sales was warranted. This view has been affirmed by the Tribunal. It may be possible to take two views. However, on examination of the evidence, the Com....