TaxTMI 
TaxTMI 
2007 (9) TMI 267
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....n was earlier filed before the Income-tax Tribunal under the provisions of section 256(1) of the Income-tax Act for reference of certain questions to this court. It was arising out of the order dated August 25, 1998, in relation to the block period of 1986-87 to 1996-97. The following questions were sought for reference: "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in deleting the addition of Rs. 2,51,056 made as undisclosed income for the assessment year 1991-92 on account of unexplained investment in gold ornaments, etc.? (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law deleting the addition of....
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....ade on account of undeclared payments made for the purchase of various immovable properties? (8) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the statement of the assessee regarding surrender on account of unexplained investment in construction of house at 115-Central School Scheme, Jodhpur, recorded at the time of search is to be ignored? (9) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in deleting the addition of Rs. 4,57,330 out of the addition of Rs. 5 lakhs made on account of unexplained investment in construction of house at 115-Central School Scheme, Jodhpur? (10) Whether, on the facts and in the circumstances of the c....
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....1 held that if the Tribunal does not consider the evidence covering all essential matters, rather findings are recorded, ignoring even available material, then such findings would give rise to the question liable to be referred. The reference of another judgment of the hon'ble Rajasthan High Court has been made, where in the matter of CIT v. Satnam Malik [1979] 120 ITR 309, it was held that if a finding is arrived at without proper consideration of the entire material, a question of law arises. After placing reliance on these two judgments, learned counsel for the Revenue urged that all the questions raised for reference were required to be referred to by the Tribunal because order passed by the Income-tax Appellate Tribunal was without pro....
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....tion was regarding deletion of addition of Rs. 2,51,056 which relates to unexplained investment in gold ornaments. The addition was deleted on the ground that gold ornaments in question already declared in wealth-tax return. Thus, considering the fact, the said issue was decided by the Tribunal in the appeal, so preferred by the assessee and it being a issue purely based on appreciation of facts, hence no question of law arises on that count. 7. The second question was regarding addition of Rs. 8,45,525 regarding unexplained investment in silver articles. Again, the said amount was deleted on the basis of wealth-tax return and the issue was decided by the Appellate Tribunal in appeal after considering the entire material available on recor....
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....l and whether this transaction is in the nature of trade. The Tribunal has considered this issue and finding that it again needs appreciation of evidence, thus refused to refer the same. 11. Question No. 7 was regarding deletion of addition of Rs. 26.05 lakhs on account of undeclared payment for purchase of immovable properties. This addition was made by the Revenue, purely on circumstantial evidence and not based on a document or material seized at the time of the search. Therefore, the Appellate Tribunal deleted the same, referring to the decision of the Nagpur High Court in Bachhraj Amolakchand v. CIT [1956] 29 ITR 1009 (Nag). 12. Questions No. 8 and 9 are regarding addition on account of unexplained investment in construction of house....