1996 (9) TMI 37

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....J. --- This is a reference under section 256(1) of the Income-tax Act, 1961, at the instance of the assessee, and the following question of law has been referred by the Tribunal for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal having confirmed the addition of Rs. 7,51,740 agreeing to the finding of the Assessing Officer that no iron scra....

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....erial was not purchased from Sagar Enterprises, Jabalpur, and the payments made to the Jabalpur party was actually received by the assessee itself. Accordingly, the Assessing Officer made an addition of Rs. 7,51,740 to the disclosed income of the assessee towards investment in purchase of iron scrap from undisclosed sources. The Assessing Officer also disallowed the transportation charges of Rs. 4....