1992 (10) TMI 36

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....ect of assessment year 1975-76 and has arisen out of the Income-tax Appeals Nos. 526/JP of 1987 and 527/JP of 1987 dated January 13, 1988. The Tribunal rejected the petitioner's application under section 256(1) of the Income-tax Act, 1961, vide its order dated August 26, 1988. The Department's case is that Messrs. Jaipur Oil Company is a bogus firm though it was floated with the following partn....

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.... authorities, it was improper to include the income of Messrs. Jaipur Oil Company in the hands of Messrs. Daulatram Vasudev and Co. It may also be observed that subsequent to the assessment year, Jaipur Oil Company was allowed registration. The Department moved an application for reference raising the following two questions of law : " 1. Whether, on the facts and in the circumstances of the ca....

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.... "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that invoking of the provisions of section 147(a) of the Income-tax Act, 1961, was not proper ? 2. Whether, on the facts and circumstances of the case, the Tribunal was right in holding that Messrs. Jaipur Oil Company was not a benami of Messrs. Daulatram Vasudeo and Co. and the inclusion of inco....