1986 (1) TMI 151

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....of the case and to refer the following two questions, said to be of law arising out of the order of the Tribunal dt. 24th Sept., 1985 in ITA No. 480, of 1984 relating to the asst. yr. 1977-78 to the Hon'ble High Court of Punjab and Haryana at Chandigarh under s. 256 (1) of the IT Act, 1961: "1. whether, on the facts and in the circumstances of the case, the Tribunal have erred in law in holding....

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....s. 5,80,884. We reproduce in p. 8 of our order the extract of disclosure made by the assessee in part III of the return which runs into three quarters of a page. This extract is reproduced below for ready reference: "Noted in part III claim to be exempt of the Return. perusal of the balance sheet of the firm (Liabilities side i.e. credit side) reveals that Rs. 5,80,884, is standing on the credi....

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....f treating these amounts as bad debts in the cases of the firms or treating the same as remission does not arise. As already submitted, It can at the most be treated as deemed gift from different firms. Aggregate of such items was Rs. 5,80,884. This has not been included in the statutory income in the return. Details of Rs. 5,80,884 can be filed on demand. This fact is brought to the notice of the....