2007 (4) TMI 233

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.... J. P. Devadhar, J. - 1. Heard Mr. Anand Parchure, learned Counsel for the applicant and Mr. K. P. Devani, learned Counsel for the respondent. 2. These two reference applications under Section 256(2) of the Income Tax Act, 1961 are filed by the Revenue against the order of the Tribunal dated 02/11/1993 in R. A. Nos. 392 and 393/Nag/93 declining to refer the following questions of law for the op....

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....y of bank deposits and National Savings Certificates. The assessee contended that the amounts invested were belonging to the individual and not to the assessee-HUF. However, the Assessing Officer passed assessment order making additions on account of interest in investments and also unexplained investment in silver under Section 69-A of the Act. 4. Being aggrieved by the aforesaid assessment, t....

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....assessee must have received the interest has been rejected by the Tribunal on the ground that the interest income has been taxed in the hands of the individual and the same has attained finality. The Tribunal has also given a finding that the investment in silver has also been taxed in the hands of Smt.  Kalawatidevi, wife of Shri Gajanan Champalal Bajaj. The Tribunal held that since the inte....