1985 (7) TMI 29

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....was justified in directing the Income-tax Officer to determine the amount of peak credit considering the sum of Rs. 34,000 alleged to be withdrawn from the bank as assessable in 1961-62 ? " The assessee is a partnership firm carrying on business in grains and kirana on wholesale basis and adhat. It also does banking business. For the assessment year 1961-62, it filed a return declaring an income of Rs. 52,226, but the same was determined at Rs. 1,18,606 under section 23(3) of the Indian Income-tax Act, 1922. In computing this income, the Income-tax Officer made certain additions and disallowed certain claims for deduction. One item of addition made by the Income-tax Officer was the sum of Rs. 30,000 as income from undisclosed sources. Th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....id item of Rs. 30,000 shown as item No. 3 in its order and directed the Income-tax Officer to re-examine the matter in the light of the directions given in its order. The Department felt aggrieved by the Tribunal's direction for re-examination of the aforesaid item of Rs. 30,000 and, therefore, it applied to the Tribunal for a reference to this court and the same having been refused, an application has been made under section 256(2) of the Incometax Act, 1961, resulting in the above question being referred for decision of this court. In the present case, we are concerned only with the justification of the Tribunal's order, in so far as it relates to the aforesaid item of Rs. 30,000, which was the addition made by the Income-tax Office....