2001 (8) TMI 26

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.... direction given by this court under section 256(2) of the Income-tax Act, 1961, the following questions have been referred for the opinion of this court by the Income-tax Appellate Tribunal, Delhi Bench "A", Delhi (in short "the Tribunal"): "(1) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the additional ground that the addition of Rs....

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.... totalling Rs.5,11,000 in 12 names. Consequentially, the interest claimed on those amounts was disallowed. In appeal the stand of the assessee was that relevant details were not examined, which was accepted. The Income-tax Officer pursuant to the direction passed by the Appellate Assistant Commissioner (in short "the AAC") examined the matter in detail and held that the bona fides of the claims we....

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....re the Income-tax Officer when the matter was under examination pursuant to the order of remand. It cannot be an abstract proposition in law that the intangible additions of the previous year are to be taken note of while considering the cash credit. On the facts of each case a specific plea and proof that there was any link between the intangible additions in the previous year and the cash credit....

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....to give credit for intangible additions, without indication of the reasons as to why credit can be given. The question whether a particular cash credit can be covered by the intangible addition is essentially one of fact. It is within the domain of taxing authorities to consider whether a particular cash credit, or unexplained expenditure or investment can reasonably be attributed to intangible ad....