VIPIN KUMAR KHANNA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessed, the following question has been referred for the opinion of this court under Section 256(1) of the Income -tax Act, 1961 (in short, 'the Act'), by the Income -tax Appellate Tribunal (in short, 'the Tribunal') in respect of the assessment years 1968 -69 and 1969 -70 : 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Inspecting Assistant Commissioner (Assessments) was justified in assessing the income of the assessed under Section 64(1)(i) of the Income -tax Act read with the Explanationn ?'

(2.) THE factual position in a nutshell is as follows :

(3.) . Learned counsel for the Revenue submitted that the language of Section 64(1)(i) read with the Explanationn thereto makes the position crystal clear and the Tribunal's view is irreversible.