1994 (12) TMI 64

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....2) of the Income-tax Act, 1961, this court had formulated the following question and had called upon the Tribunal to submit a statement of case. The question formulated was : " Whether, on the facts and in the circumstances of the case, the deletion of Rs. 80,000 which was added under section 68 of the Income-tax Act, 1961, was proper ? " Though the order-sheets reveal that the aforesaid que....

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....tion offered by him was not accepted by the Assessing Officer on the ground that Shri Bhagania's premises had been searched and it was revealed that he was engaged in hawala trans actions. The Assessing Officer, therefore, treated the statement of Sri Bhagania to be unbelievable and, rejecting the same, added the sum of Rs. 80,000 to the income of the assessee. The assessee thereafter carried the ....

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....ri Bhagania. The Department then filed an application under section 256(1) for making a reference to this court and having failed in its attempt, the Department approached this court under section 256(2) of the Act and then on the direction of this court the question of law was formulated and the statement of case has been made. Under section 68 of the Income-tax Act, if any sum is found credit....