1994 (7) TMI 60

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....e. The Revenue seeks reference of the following questions of law to this court under section 256(2) of the Income-tax Act, 1961, as follows : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in upholding the action of the Commissioner of Income-tax (Appeals) in deleting the addition of Rs. 65,08,000 (assessment year 1981-82), Rs. 73,84,300 ....

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....re no genuine sales ? (4) Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in upholding the Commissioner of Incometax (Appeals') action in deleting the addition of Rs. 1,09,148 made for the assessment year 1985-86 on account of unpaid bonus, in spite of the fact that the statutory audit report in Form No. 3CD certified the fact that the assessee had....

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....ese hundi sales were obtained from the bank as well as the sales tax office at Moradabad. When confronted with these details, the assessee pleaded that these were only accommodation hundis which were raised in order to get bank finance for its business and there were no actual sales or movement of goods involved. The Assessing Officer, however, rejected the above explanation of the assessee and ma....

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....s contention raised on behalf of the Revenue is not correct. We find that the Tribunal has recorded its own findings. The relevant portion quoted below : " Therefore, from the facts as detailed out and as are emerging from the record and as found by the Commissioner of Income-tax (Appeals) and as per records and materials placed on record, the entire practice of the assessee was towards raising....