COMMISSIONER OF INCOME TAX Vs. ORIENT ENTERPRISES

JUDGEMENT

(1.) THE petitioner in this case seeks reference of the following questions of law to this Court :

(2.) AS is evident from the questions themselves, the case pertains to two cash credits of Rs. 4 lakhs and Rs. 1 lakh in the name of Krishnan Lal Prahlad Rai Saraf and Shri M. K. Suri, respectively, on March 21, 1979, and March 26, 1979. These cash credits related to the year 1979 -80. The ITO examined Shri M. K. Suri and came to the conclusion that the cash credits were not genuine and he added those amounts in the hands of the respondent. An appeal was filed before the CIT (Appeals) who confirmed the order of the assessing authority. Further appeal was filed to the Tribunal. The Tribunal took note of the evidence on record and also noticed the same contradictions which were there in the statements which had been recorded by the AO. The Tribunal nevertheless came to the conclusion that the burden which had lain on the assessee for establishing the cash credits had been duly discharged on the basis of the evidence on the record.