2000 (9) TMI 49

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....n 256(2) of the Income-tax Act, 1961, to refer the case to this court on the following questions : "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in giving a finding that the amount of Rs. 3,20,760 which was added on account of surrender of cash credit represented the undisclosed income from the business of the assessee ? (2) ....

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....siness income, but treated the same to be income from other sources. For that the Income-tax Officer took into consideration that the assessee had not filed a revised return. The assessee being aggrieved by the decision of the Income-tax Officer, filed an appeal before the Commissioner of Income-tax (Appeals) under section 246 of the Income-tax Act, inter alia, contending that these credits were n....

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....me. The credits were surrendered on the very first day of hearing and in such circumstances, were referable only to the business income, in view of the decision cited above. A mere technical formality of not filing a revised return in any way does not come in the way of treating the credits as business income." Thereafter the Revenue filed an appeal before the Income-tax Appellate Tribunal at I....

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....tion for our opinion under section 256(1) of the Income-tax Act. By order dated August 10, 1992, the Tribunal declined to make a reference holding as follows : "Cash credits totalling Rs. 3,20,760 in the books of account of the assessee-company for the period relevant to the assessment year 1985-86 in the name of the late Sanjay Kumar Kasliwal, son of one of the directors of the assessee-compan....