1996 (2) TMI 105

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....ssee has filed this application under section 256(2) of the Income-tax Act, 1961 (for short, "the Act"), seeking a direction to the Tribunal to state the case and refer the proposed questions of law (as extracted below) arising out of the order passed by the Tribunal on October 16, 1986, in I. T. A. No. 250/(Ind) of 1984 for the assessment year 1980-81 (annexure "C"), for our opinion : " (1) Wh....

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.... case, the Tribunal was justified in law in quashing the order of the Commissioner of Income-tax (Appeals) and restoring the order of the Income-tax Officer on the points of addition of Rs. 21,000 for credits of Shri D. K. Lunia, when on the findings of the Tribunal the assessee had discharged the primary burden and the Department had not adduced any evidence to rebut the same ?. (5) Whether, o....

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....ctober 16, 1986, and the order of the Income-tax Officer was restored. The applicant filed the application seeking statement of case which was registered as R. A. No. 187/(Ind) of 1986. That application was rejected by the Tribunal on November 21, 1988 (annexure "E"). The applicant, then filed this application under section 256(2) of the Act. We have heard Shri G. M. Chaphekar, learned senior c....

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....16,000 was accepted, then, there is no valid reason as to why the trading loss of Rs. 22,198 should have been disallowed. He also submitted that when the assessee established the genuineness of the entry of Rs. 21,000, then, the burden had shifted to the authorities to prove that the entry was fictitious. Counsel has placed reliance on Orient Trading Co. Ltd. v. CIT [1963] 49 ITR 723 (Bom). Shr....