1996 (5) TMI 8

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....llowing question has been referred by the Tribunal for answer by this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the disallowance of Rs. 13,68,060 which had been made by the Income-tax -Officer under section 40A(3) of the Income-tax Act, 1961 ?" The brief facts giving rise to this reference are that the assessee deals on a semi-who....

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.... of the Department was dismissed. Thereafter, the Department approached the Tribunal for making a reference under section 256(1) of the Income-tax Act and the aforesaid question has been referred by the Tribunal for answer by this court. We have gone through the judgment of the Tribunal, the Commissioner of Income-tax (Appeals) and the Income-tax Officer. The Income-tax Officer on the basis of ev....