1991 (3) TMI 64

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....is application filed by the assessee under section 256(2) of the Income-tax Act, 1961, the following questions of law are sought to be raised : "(1) Whether the finding of the Income-tax Appellate Tribunal that the applicant has singularly failed to establish the genuineness of the identity of Indian Wool Traders is wholly unsustainable in law, as the said finding is perverse and unreasonable, ....

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....disputed that the said settlement application had been filed by Shri Suresh Kumar vis-a-vis his involvement with the business carried on under the name and style of Indian Wool Traders ? (4) Whether the findings recorded as above by the Income-tax Appellate Tribunal are thus vitiated as being arrived at in disregard of relevant material available on record, thereby rendering such findings wholl....

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....ments could be saved from application of the provisions of that section ?" Questions 1 to 5, in effect, pertain only to one issue namely, whether Indian Wool Traders is a genuine concern. The petitioner claimed to have made certain payments to the said entity mostly in cash, some by way of bearer cheques and one payment by way of a crossed cheque. The Incometax Officer felt a doubt as to the ge....

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....alt with each and every circumstance appearing for and against the assessee and concluded that the said concern is neither genuine nor is its identity established. The ultimate finding of the Tribunal is that "Indian Wool Traders was only a convenient facade". It is contended by learned counsel for the petitioner-assessee that where a payment is made by a crossed cheque, it is itself a proof po....