1990 (11) TMI 83

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....espect of the assessment year 1962-63, the petitioner has sought to refer the following questions to this court : "(1) Whether the finding recorded by the Income-tax Appellate Tribunal that the assessee had not been able to produce any evidence to establish the genuineness of the cash credits aggregating to Rs. 25,000 has been recorded in disregard of the material available on record, thereby r....

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....e date on which the loans in question had been taken, still the assessee was required to produce the parties in question in order to establish the genuineness of the cash credits appearing against their names in the books of account of the assessee ? (4) Whether the Income-tax Appellate Tribunal was justified in taking into consideration the alleged incriminating statements given by certain cre....

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.... credits aggregating to Rs. 25,000, is based on a proper interpretation of the provisions of section 68 of the Income-tax Act, 1961 ?" The questions relate to the cash credits of the sum of Rs. 25,000. The return was filed on October 5, 1962, and the assessment order was made on February 24, 1967. The assessment was, thereafter, set aside and fresh assessment order was passed on February 27, 19....