1990 (1) TMI 66

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....essrs. Gupta and Co. with Rs. 48,476 and one S. Surain Singh with Rs. 48,400. The respondent was constructing a building and the cost of material was debited to the said accounts. The Income-tax Officer came to the conclusion that Messrs. Gupta and Co. and S. Surain Singh did not exist and that those entries were fictitious. He sought to apply section 68 of the Act. The Commissioner of Income-tax ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the correct interpretation of section 68. We, therefore, direct the Tribunal to state the case and refer the following question of law to this court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in directing that the additions made on account of unexplained cash credits would not be called unexplained cash credits under sect....