TaxTMI 
TaxTMI 
2000 (9) TMI 49
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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) Whether there was any material evidence b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ncome 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 never detected by the Income-tax Officer, bu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....st 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 Indore. The Tribunal affirmed the order of the Com....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ome-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-company, could not be explained and, therefore, were offered....