1995 (1) TMI 23

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....t the following two questions of law arise out of the order of the Tribunal dated September 29, 1980, and, therefore, the Income-tax Appellate Tribunal be directed to refer the same : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of the Appellate Assistant Commissioner deleting the addition of Rs. 1,79,059 ? 2. Whether, on ....

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....the assessee from which it was evident that Haresh Traders simply issued the bills and no actual business was carried on by the concern. The reassessment proceedings were initiated and the Income-tax Officer recorded a finding that the purchase transaction was not genuine and the purchases were entered with a view to reduce the profit of the trader. But an addition to Rs. 1,79,058 was made on this....