COMMISSIONER OF INCOME TAX Vs. BHAGWATI JEWELS LIMITED

JUDGEMENT

(1.) The petitioner seeks reference of the following question to this court:

(2.) The respondent had at first filed a loss return of Rs. 470 in respect of the assessment year 1986-87. Thereafter, it availed of the Amnesty Scheme and filed a revised return declaring income of Rs. 4,42,529 which included a sum of Rs. 3,43,000 as income from other sources before the Income Tax Officer. It was stated that this sum of Rs. 3,43,000 had been offered because the Department was asking for confirmations from the various subscribers to the shares which were issued. It may be pointed out that this company had issued shares to the public and 4,97,000 equity shares of Rs. 10 each had been issued. The total amount of money thus received by the company was Rs. 49,70,000 by the issuance of the shares.

(3.) The Income Tax Officer accepted the revised return and, without making any addition whatsoever, made the assessment.