1987 (7) TMI 42

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....ication under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "). The material facts giving rise to this application, briefly, are as follows : The applicant is a registered partnership firm carrying on business at Indore, While framing the assessment of the assessee for the assessment year 1978-79, the Income-tax Officer held that the sum of Rs. 35,000 credited....

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....e Tribunal that the cash credit in question represented the undisclosed income of the assessee was based on surmises and conjectures and was arrived at by failing to take into consideration the relevant material and the circular of the Board. In reply, learned counsel for the Revenue contended that no question of law arose out of the order passed by the Tribunal. Having heard learned counsel fo....